GE Workers Approved for $61 Million 401(k) Deal, Attorneys’ Fees

Attorneys representing General Electric Co. workers will receive a one-third cut of the $61 million class settlement they negotiated in a lawsuit challenging the affiliated investment funds in the company’s 401(k) plan, a federal court said Friday.

Judge Indira Talwani granted final approval to the deal, which GE workers described as the largest class settlement ever reached in an Employee Retirement Income Security Act lawsuit targeting a retirement plan that offers affiliated investments. The approval order, issued in the US District Court for the District of Massachusetts, was accompanied by an order awarding the workers’ lawyers one-third of the ...