Neuberger Berman 401(k) Class Counsel Win $4.8 Million in Fees

Neuberger Berman Group employees’ $17 million class settlement in their 401(k) plan challenge received final approval from a Manhattan federal judge, as did their request for $4.8 million in fees and costs for their attorneys.

The deal resolves an Employee Retirement Income Security Act lawsuit covering 1,451 participants in Neuberger’s 401(k) plan who invested in the Value Equity Fund, an actively managed fund that paid fees to a Neuberger subsidiary. The participants claimed the fund, which has since been removed from the plan, performed poorly and charged excessive fees.

Judge Laura Taylor Swain of the U.S. District Court for the ...