A few weeks ago there was a $2 million verdict in a federal court Katrina wind vs. water trial. I last discussed the verdict in this post. Following the verdict the Court ruled that there was no arguable basis for Lloyd’s of London to deny the claim, so the plaintiff is entitled to recover attorney’s fees and expenses.
Here is plaintiff’s motion, which it filed last week. The motion is well written and a good read.
The motion requests the following:
- attorney’s fees: $2,312,312
- expenses: $279,338
- interest: $950,389
- Total: $3,512,039.
That’s a lot of money. But does anyone want to bet me that the defendant did not have more than $2.6 million in fees and expenses? I bet they did.
Some facts about the scope of the case from the motion:
- pleadings: 400 plus
- depositions: 31
- motions: 68
- summary judgment motions: 4
- pre-trial order: 239 pages.
I look at those stats and see $5–10 million in defense fees and expenses. This is one of those cases where people see the verdict and the motion and think about all the money that the plaintiff’s lawyers will make. But the defense lawyers will make as much or more than the plaintiff lawyers while taking no risk. Equally as important, the defense lawyers have been banking their money for years while the plaintiff lawyers have to collect to fill a big hole.