Class

In this companion ease to Nos. 91-16669, 91-16685, and 91-16687, 19 F.3d 1291 (9th Cir.1994), decided on this day, the appellants, Jaffe & Schlesinger, P.A., Ginsburg, Feld-man & Bress, Ferguson & Burdell and Wein-stein, Hacker, Yost, Berry & Mathews (collectively known as the “Haberman counsel”), appeal the district court’s denial of their fee and expense application for work done in state court litigation related to the Washington Public Power Supply System’s (“WPPSS”) $2.25 billion bond default. Ha-berman counsel represented individual and institutional bond purchasers in Haberman v. Washington Pub. Power Supply Sys., 109 Wash.2d 107 , 744 P.2d 1032 (1987) as retained counsel.

Haberman counsel agreed with the class action plaintiffs that Haberman counsel would seek an award of attorneys’ fees and reimbursement of expenses incurred out of the settlement fund created for Class Plaintiffs in the federal litigation (“MDL 551”). In exchange for the right to apply for fees and expenses out of the settlement fund, Haberman counsel agreed to waive the contingent fee arrangements made part of retainer agreements entered into with their nearly 300 individual and institutional investor…