Opinion ID: 1407452
Heading Depth: 3
Heading Rank: 3

Heading: Summary of attorneys' fee calculation

Text: The following summarizes our resolution of this appeal arising from the Court's remand of Layman to the circuit judge for a determination of reasonable attorneys' fees. We hold that the circuit judge's award of attorneys' fees using the percentage-of-the-recovery method was improper and resulted in an award that was unreasonable under the state action statute. We therefore vacate the award of $8.66 million to counsel for TERI plaintiffs and further hold that a reasonable award of attorneys' fees in this case is properly calculated using the lodestar method, enhanced by a multiplier and the addition of counsel's expenses to reflect the actual amount of work performed, expenses incurred, and the benefit obtained for all of the old TERI participants. Based on a calculation representative of this conclusion, we assess reasonable attorneys' fees in the amount of $445,226.60 against the State and the Retirement System.