Lawyers in Pentegra Settlement Want $17.5 Million in Fees, Costs

The lawyers who negotiated a $48.5 million settlement with Pentegra Services Inc. after winning a jury trial over the company’s 401(k) management asked a federal judge for about $17.5 million in attorneys’ fees and expenses.

Schlichter Bogard LLC says it spent more than 16,000 hours of attorney and non-attorney time on the five-year-long case, which resulted in the largest jury verdict ever recorded in an ERISA case over excessive 401(k) fees. The firm’s motion, filed Sept. 26 in the US District Court for the Southern District of New York, seeks one-third of the settlement amount as attorneys’ fees, along ...