In 2008, Ken Moscaret was retained as the sole "lodestar" attorney fee expert to testify in the huge Enron securities class action litigation in the U.S. District Court for the Southern District of Texas in Houston. The Enron case is the largest securities class action lawsuit in U.S. history, and one of the largest business lawsuits generally ever litigated in this country. Lead plaintiff's counsel, representing the Regents of the University of California, obtained $7.2 billion in pre-trial settlements in the case. Lead counsel subsequently submitted a $700 million attorney fee application.
Ken Moscaret gave attorney fee expert testimony in federal court regarding lodestar reasonable fee issues in the $700 million attorney fee request. Kenneth Moscaret's co-experts in the case were nationally-prominent law professors and retired federal circuit judges, including Professor John Coffee, Jr. of Columbia University Law School, Professor Lucian Bebchuk of Harvard Law School, and retired 3rd U.S. Circuit judge H. Lee Sarokin.
Ken Moscaret's lengthy expert declaration was submitted to the U.S. District Court, and addressed the following reasonableness issues in lead counsel's $700 million fee application:
- reasonable, prevailing hourly rates
- reasonableness of hours billed
- efficient case staffing
- appropriate mix of attorneys on the case
- reasonable delegation of work among attorneys
- continuity of case staffing
- proper law firm billing practices
- appropriate litigation management practices
- reasonable use of outside contract attorneys
The U.S. District Court in Enron cited Mr. Moscaret's expert opinions. The court made a record-setting $700 million fee award (view here). The federal judge in Enron described Ken Moscaret as one of the "nationally prominent experts on fee awards" who was "highly qualified to testify about attorneys' fees and market rates." The court's published opinion was 209-pages long (view here).