Attorney: $829,846 – Client: 37 cents

I kid you not.

Here is a copy of the settlement check to the client. Me.

There was a class action suit against stock brokerage Scottrade. It had something to do with Scottrade reporting qualified dividends as substitute payments. The two are treated differently for income tax purposes.

Scottrade settled.

A copy of the settlement agreement can be downloaded below.

Look at section 11. That is the attorney fees section. The attorneys can ask the court for up to $829,846. Past awards in similar cases shows a pattern of judges rubberstamping the motion for attorney fees.

The total of attorney fees and disbursements to the clients (all class members) is $2,325,000. There is a shitload of class members.

My disbursement came out to 37 cents.

If the administrator had to pay retail for postage, the postage cost more than I received.

There is something out-a-wack in our legal system.