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Hanly Conroy Announces Settlement of Contingent Fee Antitrust Lawsuit
Date:5/3/2010

NEW YORK, May 3 /PRNewswire/ -- Hanly Conroy Bierstein Sheridan Fisher & Hayes LLP of New York City, today announced the resolution of their client Synergetics USA, Inc.'s (Nasdaq: SURG) antitrust lawsuit pending against Alcon Laboratories, Inc., and Alcon, Inc.  Synergetics announced on April 27, 2010, that it had entered into a Settlement and Licensing Agreement and a Supply Agreement with Alcon, pursuant to which all litigation between the companies would be settled and Alcon would receive a license to sell certain Synergetics-patented products.  Alcon will pay Synergetics $32 million in the arrangement.

A team of lawyers from Hanly Conroy Bierstein Sheridan Fisher & Hayes LLP represented Synergetics in the antitrust litigation.  In a unique approach to commercial litigation, the firm took on the high-risk litigation under a contingency fee arrangement, whereby Synergetics would pay attorney fees only as a percentage of any recovery in the case.  Traditionally, commercial litigation is pursued by outside counsel paid at ever-increasing hourly rates.  Under the contingent fee agreement, Synergetics will pay its outside counsel $10.5 million.

According to Hanly Conroy co-founder Paul Hanly, this arrangement reflects the increasing comfort level of corporate general counsels in using plaintiff-only contingent fee attorneys to pursue commercial litigation.  "Corporate general counsel have finally come to understand that plaintif
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SOURCE Hanly Conroy Bierstein Sheridan Fisher & Hayes LLP
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