Banas
Banas v. Volcano Corp.
Opinion
Lead Opinion
Orrick, J.
ORDER GRANTING IN PART AND DENYING IN PART VOLCANO’S MOTION FOR ATTORNEYS’ FEES AND COSTS; DENYING PLAINTIFFS’ MOTION TO SEAL
Re: Dkt. Nos. 106, 123
INTRODUCTION
Having prevailed on its motion for summary judgment, defendant Volcano Corporation is entitled to its reasonable fees and costs pursuant to an attorneys’ fees provision in the merger agreement from which the underlying dispute arose. The amount it seeks — $3,557,034.50 in attorneys’ fees and $1,023,995.99 in costs and disbursements, totaling $4,581,030.49 — is eye-catching, and the lack of support for such a huge request is surprising. A significant reduction in Volcano’s request is warranted due to block-billing, excessive time claimed for specific tasks, and other deficiencies, as detailed below. Volcano is awarded $2,586,963.38 in fees and $937,503.17 in costs and disbursements, totaling $3,524,466.55.
BACKGROUND
Volcano merged with CardioSpectra, Inc. in 2007 in exchange for $25 million in cash to CardioSpectra’s shareholders and the promise to make four additional payments from Volcano to CardioSpectra’s then-former shareholders if certain milestones were achieved. Section 13.4 of the merger agreement provided…