J. C. Penney Company, Inc. and Myron E. Ullman III v. Everett M. Ozenne, Derivatively on Behalf of J.C. Penney Company, Inc.

OPINION

Opinion by

Justice Myers

This case concerns an award of $3.1 million for the plaintiff’s attorney’s fees and expenses in a shareholder derivative action. The parties settled the suit and agreed that if the trial court awarded the plaintiffs attorneys their fees and expenses, that fee award “will compensate Plaintiffs Counsel for the results achieved in the Action and the risks of undertaking the prosecution of the Action on a contingent basis.”

J.C. Penney Company, Inc., Myron E. Ullman III, Michael T. Theilmann, Thomas M. Nealon, Robert B. Cavanaugh, William A. Ackman, Thomas J.…