EFTA Document EFTA01371372

Page 30 2016 U.S. Dist. LEXIS 97188, * and reviewed their timekeeping records, id. ¶¶ 12, 16-23, and offers his expert opinion that both the combined Class Counsel lodestar calculation of $3,387,328.75, and the combined Class Counsel expense calculation of $133,358.39 are reasonable. Id. 1111. Mr. Knapton claims that the total time of 5,100 hours "is similar to the range of hours [he has] seen in other class actions that are resolved without trial." Id. ¶ 17. Mr. Knapton notes that the average billing rate for the Class Counsel attorneys and paralegals is $664.15 per hour, which he states "appears to be in the range of what New Jersey Courts have found to be reasonable in other class action matters." Id. ¶ 28 (citing cases). Mr. Knapton also observes that Class Counsel's [*70] requested billing rates have been approved in the Northern and Central District of California, the Southern District of Florida, and California state courts. Id. ¶¶ 31-37. Finally, Mr. Knapton compares the requested billing rates of Class Counsel attorneys with the "2015 Real Rate Report Snapshot" rates of the third quartile, of attorneys in similar positions at their firms (i.e., partner or associate), with similar levels of experience, in the same metropolitan areas.' Id. ¶¶ 43-49. Mr. Knapton also opines that class action lawyers who bill on a contingency basis are typically "awarded rates by courts at about 1.2 to 1.3 times the current, prevailing non-contingent rates because of the risk of contingency.", Id. ¶ 39. 6 The third quartile is the quartile between the median billing rate and the highest 25 percent of billing rates. ECF No. 86-91 44. 7 According to Mr. Knapton. the 2015 Real Rate Report Snapshot was created by TyMetrix/LegaMEW by compiling anonymized data on over 59.8 billion in legal fees billed and paid between 2012 and 2014 and was published by the Wolters Khmer Company. ECF No. 86-9 ¶ 43. 8 Although Mu Knapton builds this contingency multiplier into his lodestar calculation, ('71) see ECF No. 86-91150. the "contingent nature or risk involved in a particular case' is a factor for the Court to consider in assessing the reasonability of a multiplier after calculating the lodestar amount. Ins. Brokerage, 579 F.3d at 280. Mr. Knapton reports that, of the 47 attorneys reporting billable hours in this matter, a total of 17 request billing rates higher than the relevant third-quartile 2015 Real Report Snapshot rates. See id. ¶ 48. Of the 17 billing at high rates, all but John Yanchunis of Morgan & Morgan ($900 per hour), Daniel Herrera of Cafferty Clobes Meriwether & Sprengel LLP ($600 per hour), and Kelly Tucker of Cafferty Clobes Meriwether & Sprengel LLP ($550 per hour) request billing rates lower than 1.3 times the relevant third-quartile 2015 Real Report Snapshot rates. See id. Mr. Knapton gives his expert opinion that the "total reasonable & necessary lodestar is $3,387,328.75 based on 5,100.3 hours of time as reasonable and justified hourly rates," with a "reasonably expended and explained" number of hours that are "similar to what I have seen for other class action matters that settle before trial" and reported work that was "useful and of a type of ordinarily necessary to secure the final ["72] result obtained from the litigation." Id. ¶ 50. c. The number of hours submitted by Plaintiffs is reasonable The Court finds that Plaintiffs' submission of 5,100.75 billable hours is reasonable for a three year-old consumer class action involving claims under federal law and the laws of For internal use only CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064709 CONFIDENTIAL SDNY_GM_00210893 EFTA01371372