Judge OK’s Renaissance Re Settlement & Fees

MANHATTAN (CN) - U.S. District Judge William Pauley III approved a $13.5 million final settlement of securities litigation against Renaissance Re Holdings, whose directors deceived the market and manipulated the reinsurance firm's financial disclosures. Judge Pauley approved $1.5 million in attorneys' fees and expenses, noting that the 52,000 plaintiffs deserve more than token payments, and questioning, among other things, lead counsel's request for $270 an hour for paralegals. See ruling.