Bloomberg Law
Dec. 9, 2020, 4:30 PM

Fidelity’s $28.5 Million ERISA Deal Spurs $10.5 Million Fee Bid

Jacklyn Wille
Jacklyn Wille
Legal Reporter

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 ...

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