Lawyers Suing Oasis Outsourcing 401(k) Defend $2M Fee Bid

Lawyers representing investors in Oasis Outsourcing Holdings Inc.'s 401(k) plan defended their request for nearly $2 million in attorneys’ fees after the proposed class action they filed against Oasis settled without formal litigation.

The $1,999,667 fee request—representing one third of the $5.99 million settlement—is within the range of recent fee awards in class actions filed under the Employee Retirement Income Security Act, Nichols Kaster PLLP and Morgan & Morgan Complex Litigation Group told the federal judge hearing their case. Attorneys’ fee awards in ERISA class action settlements often range between 25 and 35 percent of the settlement amount, the ...