Fidelity 401(k) Class Attorneys Win $10.5 Million in Fees, Costs

The lawyers who negotiated a $28.5 million class settlement with Fidelity Investments over the affiliated funds in its 401(k) plan are entitled to nearly $10.5 million in attorneys’ fees and expenses for their efforts, a Boston federal judge ruled.

Judge William G. Young of the U.S. District Court for the District of Massachusetts approved a fee award of one-third the settlement amount in a two-page order issued Feb. 26. Young also approved nearly $1.5 million in litigation and settlement administration expenses.

The settlement, expected to benefit about 41,000 participants and beneficiaries in Fidelity’s 401(k) plan, resolves a lawsuit accusing Fidelity ...