In Franklin Balance Sheet Investment Fund v. Crowley, 2002 WL 2495018 (Del. Ch., Aug. 30, 2007), read opinion here, the Chancery Court awarded fees in connection with the settlement of a class action suit that alleged breach of fiduciary duty and waste in connection with life insurance policies obtained for the controlling shareholder.
The court rejected the defendants’ argument that a quantum meruit, instead of a "common fund" approach to fees should be used. The court attributed most of the gains realized to the suit, but did not award fees based on a pure "common fund" approach due to other factors involved. Rather, the court awarded 15% of the gain up to a certain amount, and then 5% of the remaining amount of the gain.
A prior procedural decision in the case was summarized on this blog here.