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A New Look at Judicial Impact: Attorneys' Fees in Securities Class Actions After Goldberger v. Integrated Resources, Inc.


Theodore Eisenberg


Cornell University - Law School

Geoffrey P. Miller


New York University School of Law

Michael A. Perino


St. John's University School of Law

August 21, 2008

Washington University Journal of Law and Policy, Vol. 29
NYU Law and Economics Research Paper No. 08-39
St. John's Legal Studies Research

Abstract:     
Judicial impact studies have generally found widespread compliance by lower courts. Often, however, these studies employ relatively insensitive measures of compliance, limit their focus to compliance with Supreme Court precedent, and only occasionally examine the impact of judicial decisions on the ultimate consumers of those rulings - the members of society who are subject to them. Significant questions thus remain, such as whether and to what extent lower courts in fact comply with precedent and what if any role fear of reversal plays in compliance. To address these gaps, we use regression analysis to examine how the district courts in the Second Circuit responded to the decision of the Court of Appeals in Goldberger v. Integrated Resources, Inc., a case that mandated strict scrutiny by trial court judges of attorneys' fee applications in class actions. Contrary to what might be expected, Goldberger is not correlated with a general decline in fee awards or fee requests or increased judicial scrutiny of requests. Instead, we find that as settlement size increases, both fee requests and fee awards rise at a slower rate in the cases subject to Goldberger while judicial scrutiny increases. As large settlements are the most likely to be appealed, this finding supports the proposition that compliance is tied to the probability of appeal and reversal.

Number of Pages in PDF File: 37

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Date posted: August 24, 2008 ; Last revised: October 9, 2008

Suggested Citation

Eisenberg, Theodore and Miller, Geoffrey P. and Perino, Michael A., A New Look at Judicial Impact: Attorneys' Fees in Securities Class Actions After Goldberger v. Integrated Resources, Inc. (August 21, 2008). Washington University Journal of Law and Policy, Vol. 29; NYU Law and Economics Research Paper No. 08-39; St. John's Legal Studies Research. Available at SSRN: http://ssrn.com/abstract=1244322

Contact Information

Theodore Eisenberg (Contact Author)
Cornell University - Law School ( email )
524 College Ave
Myron Taylor Hall
Ithaca, NY 14853
United States
607-255-6477 (Phone)
607-255-7193 (Fax)
Geoffrey P. Miller
New York University School of Law ( email )
Center for the Study of Central Banks
40 Washington Square South
New York, NY 10012-1099
United States
212-998-6329 (Phone)
212-995-4590 (Fax)
Michael A. Perino
St. John's University School of Law ( email )
8000 Utopia Parkway
Jamaica, NY 11439
United States
718-990-1928 (Phone)
718-591-1855 (Fax)
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