Akin Gump Strauss Hauer & Feld is advising the official creditors' committee (which includes Bank of America) over the Chapter 11 proceedings relating to Cal Dive, a business in the oil and gas sector. Bank of America says that Akin Gump ran up the bill in the first ten weeks of the assignment. The sum, which covers fees and expenses, has nearly consumed the $1m set aside to cover legal costs for the creditors' committee throughout the whole of the Chapter 11 proceedings. 

Pre-eminent

Bank of America described Akin as a 'pre-eminent' law firm, but also said that the Akin charges were 'excessive and unreasonable'. A judge in Delaware will decide on 20th August if the fees will be approved. For its part, Cal Dive has said it is 'concerned' and that it hoped that the 'committee’s professionals will reduce their fees'. Source: Bloomberg Business of Law