PwC and Tyco handed $464m legal bill

Lawyers are seeking $464m in legal fees for their work in winning a £3.2bn securities fraud settlement from Tyco International and its auditor PricewaterhouseCoopers.

Under the terms of the settlement, Tyco agreed to pay $2.98bn while the PwC agreed to pay $225m.

Grant & Eisenhofer PA, Milberg Weiss LLP, and Shiffrin, Barroway, Topaz & Kessler LLP are to ask a federal court in New Hampshire to approve the amount, TheStar.com reported.

The lawyers said in court papers that their fee is justified by their 'tireless effort' made up of 488,468 hours of legal work.

Further reading:

PwC pays out $225m to settle Tyco case

Tyco hands over PwC claim as it settles for $3bn

Former FD jailed for $150m fraud