GE Workers Seek Lawyer Fees After Record In-House 401(k) Deal

Lawyers representing General Electric Co. workers asked for a one-third cut of the $61 million class settlement they negotiated in a lawsuit challenging the in-house funds in the company’s 401(k) plan.

The “outstanding” deal is the largest class settlement ever reached in an Employee Retirement Income Security Act lawsuit involving a retirement plan that offers affiliated investments, the workers said in a motion asking that the agreement receive final approval. The settlement amount represents about 21.5% of the workers’ estimated damages, which is “certainly at the higher end of ERISA class action settlements,” they said.

The motion, filed Thursday in ...