County of Orange v. Merrill Lynch & Co. (In Re County of Orange)

241 B.R. 212, 1999 U.S. Dist. LEXIS 17524, 1999 WL 1029668
CourtDistrict Court, C.D. California
DecidedNovember 10, 1999
DocketSA CV 95-0037-GLT, SA CV 96-0643-GLT, SA CV 96-0771-GLT, SA CV 96-0163-GLT, SA CV 96-0765-GLT, SA CV 96-1010-GLT, SA CV 96-0772-GLT, SA CV 96-0766-GLT, SA CV 97-0066-GLT, SA CV 97-0122-GLT, SA CV 98-0526-GLT, SA CV 97-0186-GLT, SA CV 98-0525-GLT, SA CV 98-0524-GLT, SA CV 98-0527-GLT. Bankruptcy No. SA 94-22272JR
StatusPublished
Cited by4 cases

This text of 241 B.R. 212 (County of Orange v. Merrill Lynch & Co. (In Re County of Orange)) is published on Counsel Stack Legal Research, covering District Court, C.D. California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
County of Orange v. Merrill Lynch & Co. (In Re County of Orange), 241 B.R. 212, 1999 U.S. Dist. LEXIS 17524, 1999 WL 1029668 (C.D. Cal. 1999).

Opinion

ORDER ON ATTORNEYS FEE APPLICATION

TAYLOR, District Judge.

The Court finds the parties entered into a valid and binding attorney fee agreement for a fee based on fixed “benchmark” hourly billing rates, subject to adjustment down or up at the end of the representation based on results accomplished and other agreed criteria. Strictly construing the contract against the attorneys, the final fee is not calculated by a lodestar multiplier, but, in the absence of a specific agreement for a major adjustment, the final fee is appropriately in the same general order of magnitude as the hourly “benchmark” fee. The Court finds the appropriate contract fee is an additional fee of $3 million.

I. BACKGROUND

In 1994, Orange County, California, filed the largest municipal bankruptcy in history after failure of a risky leveraged investment scheme by its Treasurer. Since 1991 the Treasurer had managed an investment portfolio Pool, including County funds and money invested by other municipal agency Pool Participants, in a high-risk strategy dependent on continuing low interest rates. When interest rates unexpectedly rose, the Pool suffered asserted losses of about $1.6 billion, and the County declared bankruptcy.

The bankruptcy court confirmed a plan appointing a litigation Representative to litigate County and Pool Participants’ liability claims against financial institutions, brokers, and other professionals who alleg *215 edly shared responsibility for the Pool’s financial collapse. A $50 million litigation fund was created to pay attorneys and legal expenses. The Representative entered into a July 11, 1996 retainer agreement with the lawfirm of Hennigan, Mercer & Bennett to continue the prosecution of Pool-related liability claims.

The July 11, 1996 retainer agreement contained the following attorneys fee provision:

You will be billed at least monthly for work performed based upon the benchmark billing rates... .All amounts shall be due and payable upon receipt of our statement....
The benchmark rates serve as a basis for determining the reasonable amount of fees to be charged, but the fees charged will not necessarily be equal to the benchmark rates multiplied by the hours spent. It is our firm’s practice to charge our clients for services rendered based upon not only the total number of hours charged at benchmark billing rates, but also upon such other factors as: the complexity of the problems presented to us; the amounts at issue; the nature, quality and extent of the opposition encountered; the results accomplished; the skill we exercise in accomplishing those results; the extent to which our services were rendered outside the Los Angeles area, after normal business hours, or on other than normal business days; delay in receipt of our compensation; and the extent to which we were at risk in being paid. When our representation is ended, the firm will determine the amount of the total fees and will send the Representative a final statement. To the extent that HMB’s final fee exceeds the total number of hours devoted charged at benchmark billing rates, HMB will consult with the Representative before setting that final fee.

The Hennigan firm represented the Representative during the following years in fifteen separate complex and high-stakes Pool-related liability cases. This Court presided over all the various liability actions, having withdrawn the reference to the bankruptcy court for that purpose. Throughout the litigations, the Representative paid all expenses, retained numerous experts, paid another major law firm to assist, and paid the Hennigan firm over $26 million in hourly-rate fees. Eventually, all the liability claims were settled for about $865 million.

Before the 1996 retainer agreement, the Hennigan firm had suggested a contingency fee representation. The Representative declined, noting the County had earlier rejected a proposed contingency fee. In 1997, the Hennigan firm asked the Representative and the Pool Participants if they were willing to change the fee agreement to a contingency fee. They declined. In 1998 the Hennigan firm told the Representative it believed a total fee of 10% of the recovery would be a reasonable fee. The Representative and Pool Participants replied that the suggested fee was too high.

At the end of the litigations in 1999, based on its interpretation of the retainer agreement, the Hennigan firm requested a final fee of $48,718,906 more than it had already been paid, for a total fee of $75,-053,45o. 1 The firm gave the Representative extensive reasons why it thought the fee was appropriate. The Representative, asserting any final enhanced fee was in his sole discretion, rejected the final fee request. Based on an extensive statement of reasons, he determined the Hennigan firm was adequately compensated by the over $26 million hourly rate fees already paid.

*216 When the parties failed to reach agreement on the final fee, the Hennigan firm filed this application for an order determining and awarding a final fee to Henni-gan, Mercer & Bennett. The Representative and the County opposed. The Pool Participants intervened in the case also to oppose the Hennigan firm’s request. 2

II. DISCUSSION

A. 11 U.S.C: § SSO

Responding parties argue this application really amounts to a fee petition under 11 U.S.C. § 330 and should be governed by the procedures and other provisions of that section. The Court finds those provisions do not govern because § 330 does not apply to the application.

The pending bankruptcy case is under chapter 9 of the Bankruptcy Code (municipality bankruptcies). Section 103(e) of the Bankruptcy Code provides that, “[e]xcept as provided in section 901 of this title, only chapters 1 and 9 of this title apply in a case under such chapter 9.” Section 901 lists a number of sections which apply to chapter 9 cases, including several sections in chapter 3, but § 330 from chapter 3 is not among them. Because the statute excludes § 330 from the list of statutes applicable to chapter 9 cases, it does not apply here.

B. CalBus. & Prof.Code § 6201

Responding parties argue this motion is not properly before the Court because the Hennigan firm did not comply with the requirement for proper notice to its clients of the right to arbitrate fee disputes. Cal. Bus. & Prof.Code § 6201. However, that section provides a court action will only be stayed if a client actually files a request for arbitration, and failure to file is deemed a waiver. Here, arbitration has not been requested.

At oral argument the Representative acknowledged that arbitration is not desired, so the issue is moot.

C.Jurisdiction and most appropriate forum

Responding parties contend this issue should be decided in the bankruptcy court. The Court disagrees, and will decide it in this Court.

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Cite This Page — Counsel Stack

Bluebook (online)
241 B.R. 212, 1999 U.S. Dist. LEXIS 17524, 1999 WL 1029668, Counsel Stack Legal Research, https://law.counselstack.com/opinion/county-of-orange-v-merrill-lynch-co-in-re-county-of-orange-cacd-1999.