According to the Order and Final Judgment dated, February 4, 2000, U.S. District Judge Todd J. Campbell awarded the sum of $5,000,000.00 in fees, which the Court finds to be fair and reasonable, and $122,186.99 in reimbursement of expenses, which shall be paid to the Chair of plaintiffs' Executive Committee from the Settlement Fund with interest. Earlier, on June 1, 1999, U.S. Judge Todd J. Campbell granted in part and denying in part the motion to dismiss. Claims against certain individual defendants were dismissed.
The original lawsuit alleges that Sirrom and certain of its officers and directors failed to disclose the impaired value of certain of its key investments in and loans to several of its borrowers including Saraventure Fixtures and Precision Panel. The defendants allegedly concealed this information so that they could sell 6.9 million shares of Sirrom stock at artificially inflated prices and thereby reap over $160 million dollars before Sirrom collapsed in price.