The attorneys who negotiated a $28.5 million class settlement on behalf of Fidelity Investments employees challenging the company’s 401(k) plan asked a Boston federal judge to award them nearly $10.5 million in attorneys’ fees and expenses.
A fee award of one-third the settlement amount is consistent with market rates in complex Employee Retirement Income Security Act litigation, the attorneys said in a motion filed Tuesday in the U.S. District Court for the District of Massachusetts. And it’s justified by the valuable benefits obtained for class members, including a monetary award of nearly 30% of estimated damages in the case, along ...