Anthem 401(k) Settlement Spurs $8.4 Million Fee, Expense Request

The lawyers who negotiated a $23.65 million class settlement with an Anthem Inc. subsidiary asked a federal judge to award them nearly $8.4 million in attorneys’ fees and expenses.

The fees are justified by the “exceptional relief” obtained for the Anthem 401(k) plan participants and beneficiaries, class counsel said in a July 5 motion. The total value of the settlement, including plan design changes and tax benefits, is more than $62 million, according to the motion.

The lawsuit, filed in 2015, claimed Anthem’s 401(k) plan offered high-fee mutual fund share classes and paid excessive administrative fees. The settlement requires ...