Bankruptcy

High Fees Scrutinized

By J. Michael McBride

According to the US Bankruptcy Court Western District of Pennsylvania court’s annual report in Pittsburgh’s “more than $25 million in fees were paid last year to attorneys, accountants and other professionals”. The court’s report, In the LeNature’s bankruptcy case, the accountants and attorneys are some of the highest paid professionals where the total fees topped 6 million. Trustee Neilson did not consider the fees excessive.

“The amount of the fees generated by the complex LeNature's case has been a sore spot with McCullough who last year temporarily suspended fee payments because of the hourly rates some attorneys and accountants charged.

Chief Judge M. Bruce “McCullough's ire was raised when he discovered a $520-an-hour fee was submitted by one accountant for reviewing financial documents prepared by another accountant who charged a similar rate.”

You can read the full story at:
http://www.pittsburghlive.com/x/pittsburghtrib/business/print_552484.html

Michelle

Full post as published by Texas Lawyer Blog on February 19, 2008 (boomark / email).