In Union Asset Management Holding A.G. v. Dell, Inc., 669 F.3d 632 (5th Cir. 2012) (No. 08-51163), plaintiffs sued Dell for violations of the Securities Exchange Act.  The complaint was dismissed with prejudice.  While on appeal, the parties settled all claims relating to the purchase and sale of Dell stock between 2002 and 2006.  The settlement established a $40 million fund.  The district court approved the settlement, and certain objectors appealed.  The Fifth Circuit affirmed, in an opinion that presents two unusual issues.  First, the initial plan for distribution of the settlement funds called for no payments to be made to de minimus purchasers, but the district court modified this to permit all purchasers to receive payment.  Objectors claimed that the district court was obligated to give new notice and reopen the settlement hearing.  The Fifth Circuit rejected this argument, noting that the settlement hearing was thorough and the change to the settlement had no effect on class members’ decision to participate.  The notice given to the class did not outline the de minimus distribution exception.  As a result, no class members or potential objectors were deterred by the notice and new notice and a new hearing were not necessary.  Second, the court made clear that in the Fifth Circuit, attorneys’ fees awarded from a common fund may be calculated using either the lodestar method or the percentage of fund method.  Until this decision, the Fifth Circuit had never explicitly endorsed the percentage of fund method for calculating attorneys’ fees in common fund cases.  The court now endorses the use of the percentage method, cross-checked with the other factors, to evaluate attorneys’ fee awards.