DETROIT, MI. (AP) -- A federal judge in Detroit has slashed the legal fees in a $303 million settlement between General Motors Corp. and shareholders.
Lawyers will get 15 percent, or about $45 million, instead of 19 percent. That adds up to a rate of $1,825 per hour.
U.S. District Judge Gerald Rosen said Monday that the 19 percent request was excessive.
The lawsuit covers people who invested in GM stock or bonds over a six-year period. They say they suffered because of accounting mistakes and misleading statements about the health of the company.
GM stock dropped 75 percent between the spring of 2000 and the spring of 2006.
Rosen says he'll grant final approval to the class-action settlement in early January.
(Copyright ©2008 by The Associated Press. All Rights Reserved.)
