In re Cendant Corporation Securities Litigation

This is another set of appeals arising out of the $3.2 billion settlement of the shareholders securities class action brought against the Cendant Corporation. This litigation has previously provided us with the opportunity to examine the effect of the Private Securities Litigation Reform Act of 1995 (PSLRA) on the selection and compensation of class counsel. See In re Cendant Corp. Litig., 264 F.3d 201 (3d Cir. 2001) ( Cendant I ). The present appeals require us to examine the effect of the PSLRA on non-class counsel.