On April 6, 2009, I wrote here that eight-plus years after it began, the IPO Securities Litigation appeared to finally be coming to an end.  On that date, the parties announced that they had reached a $586 million settlement of lawsuits that alleged that numerous defendants rigged IPOs in the late 1990s. In October 2009, the court overseeing the case provided final approval to the settlement, including $170 million in attorneys' fees.

Two years later, however, class members still haven't received any of the settlement funds, the AmLaw Litigation Daily reports.

According to an article by Susan Beck, appeals by objectors unhappy with settlement as well as a flurry of appeals and cross-appeals by lawyers dissatisfied with the allocation of the $170 million in fees have stopped the distribution of funds and fees in its tracks. Indeed no fewer than 59 separate law firms are objecting to the allocation of the attorneys' fees.

The various appeals, cross-appeals and objections to the settlement will now be heard by the Court of Appeals for the Second Circuit.