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NC court takes issue with Wachovia settlement

RALEIGH, NC (AP) — A North Carolina appeals court says a class-action settlement for former Wachovia Corp. shareholders who sued over terms of the company’s 2008 acquisition by Wells Fargo must go back to a judge to work out attorneys’ fees.

The Court of Appeals on Tuesday rejected nearly all of the complaints by two attorneys representing some shareholders about the 2010 settlement. But the judges overturned a $932,000 award of fees to shareholders’ attorneys who helped assemble the settlement. The court says the trial judge who approved the settlement needed to better explain how he calculated the lawyers’ fees.

The appeals court disagreed with settlement objectors Norwood Robinson and John Loughridge, who said the trial court should have blocked the merger and rejected the settlement.

There were more than 150,000 Wachovia shareholders.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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