They also claim the state repeatedly rebuffed attempts to collaborate and never told them of Ivy's $140 million offer until the fee objection. They point out that Waldman conceded in court papers that Ivy "took the offer off the table" after the attorney general's office filed its complaint.
"The NYAG's assertions about the comparative worth of the withdrawn 2010 offer and the current Settlement, and how little value Private Counsel conferred, are grossly inaccurate. Billions in Bankruptcy Trustee recoveries sharply reduced recoverable damages and there were major flaws in the 2010 offer," plaintiffs lawyers said.
They charged that the attorney general's office "sat idly through the post-settlement fee mediation, offering commentary but were unprepared." However, once the attorney general joined the team, they said, "working together was fine; often cordial and productive."
"Why now," plaintiffs attorneys wrote in court papers, "when the entire team should have a sense of accomplishment; with clients and class members pleased; does the NYAG turn on us?"
In an interview, Hart said, "We would have preferred to have collaborated with the New York attorney general's office earlier in the prosecution."
Jakoby was not available for comment.
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