38 Studios Settlement Reached for $12.5 Million with Adler Pollock, Stokes, and Saul
GoLocalProv News Team
38 Studios Settlement Reached for $12.5 Million with Adler Pollock, Stokes, and Saul
"The 38 Studios settlement approved today by the Commerce Corporation Board ends several years of extremely costly, time-consuming and distracting litigation. Adler Pollock & Sheehan and the Plaintiff will never agree on issues of responsibility, liability and damages; but they do agree that it is in the best interests of all concerned to put this matter behind them so that this dispute will finally end," said Adler, Pollack and Sheehan in a prepared statement.
Initial Demand
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTIn December 2014, the Commerce Corporation, after considering the extent of the defendants’ insurance coverage, made a demand of these four defendants that they settle for $12.5 million. This settlement reflects these defendants’ agreement to that demand. The Corporation previously settled claims against Antonio Afonso, Jr. and Moses Afonso Ryan Ltd. for $4.37 million in June 2014.
The Corporation’s litigation is still going forward against other defendants who are not included in prior settlements. The remaining defendants are Wells Fargo Securities, LLC, Barclays Capital Inc., First Southwest Company, Starr Indemnity and Liability Company, Curt Schilling, Thomas Zaccagnino, Richard Wester, and Jennifer MacLean.
38 Studios Legal Fees
Cohen & Gresser, New York, NY
Billing rates:
Partners: $650-$750/hour
Counsel: $550-$650/hour
Associates: $300-$595/hour
Paralegal: $100-$225/hour
Cohen & Gresser's Fees:
Total Fees (2013): $102,615.20
Shechtman Halperin Savage, Providence, RI
Billing rates:
Attorneys: $250/hour
Paralegals: $100/hour
Legal Assistants: $50/hour
Shechtman Halperin Savage's Fees
2012: $407,899.60
2013: $156,348.37
2014: $19,799.00
Total Fees: $584,046.97
Wistow & Barylick, Providence, RI
Billing rates:
Attorneys: $175/hour, $225/hour & $250/hour
Contingency Fee: The RI Commerce Corporation agreed to pay Wistow & Barylick 16 2/3% of the gross of any amount recovered from a lawsuit, compromise, settlement or otherwise. This is not stipulated with the other law firms.
Note: Wistow & Barylick will only be paid at these rates if the state terminates its contract with the firm.
Wistow & Barylick's Fees:
2012: $18.121.05
2013: $90,630.15
2014: $48,054.17
Total Fees: $156,805.37
Note: The above amounts paid to Wistow & Barylick cover the cost of out-of-pocket expenses such as filing fees, costs of depositions, obtaining records, charges for computer-assisted legal research, costs of expert consultants, and the costs of witnesses.
