Law360 covered a hearing for final approval of a $250 million settlement for investors in a securities class action lawsuit against electric vehicle manufacturer Rivian Automotive, reporting a federal judge’s pending approval of attorneys’ fees, litigation expenses, and plaintiff reimbursement. Represented by Larson LLP as co-counsel, investors claimed Rivan misrepresented its long-term profitability ahead of a 2021 initial public offering, causing shares to fall after the announcement of a price hike on some EV models.
During the hearing, U.S. District Judge Josephine L. Staton noted that she is “usually pretty tough on fees” but that litigation from both class counsel and Rivian had been “excellent” during four years of litigation.
Read the full article here: ‘I’ve Looked At Your Billing Records,’ Rivian Judge Jokes (subscription required)