In a class action, any fee awarded must be reasonable. Fed. R. Civ. P. 23(h). ; see also Boeing Co., 444 U.S. at 478 (lawyer creating common fund benefiting non-clients is entitled to 'reasonable attorney's fee' from fund). See Fed. R. Civ. P. 23(h) advisory committee note ('Active judicial involvement in measuring fee awards is singularly important to the proper operation of the class-action process . . . even in the absence of objections.'); In re Rite Aid Corp. Sec. Litig., 396 F.3d at 307 (when determining fees, judges 'must protect the class's interest by acting as a fiduciary'). The majority of Circuits review percentage-of-funds fee awards by using multifactor tests in which the district court must examine and set forth findings on each factor. The Second Circuit requires analysis of six factors. Goldberger v. Integrated Res., Inc., 209 F.3d 43, 50 (2d Cir. 2000); see also Wal-Mart Stores, Inc., 396 F.3d at 121.
The Second Circuit factors are: (1) the time and labor expended by counsel; (2) the magnitude and complexities of the litigation; (3) the risk of the litigation; (4) the quality of representation; (5) the requested fee in relation to the settlement; ...