McKinsey & Co. Class Counsel Get $7.9 Million After 401(k) Deal

McKinsey & Co.'s $39.5 million settlement with employees covered by its 401(k) plans received final approval from a Manhattan federal judge, along with a $7.9 million fee award for the lawyers representing the 33,000-person class.

Judge Gregory H. Woods of the U.S. District Court for the Southern District of New York signed off on the deal in an order docketed Thursday. He awarded class counsel Nichols Kaster PLLP 20% of the settlement fund as attorneys’ fees, along with $133,979 in expenses and a $15,000 service award for class representative Tushar Bhatia.

The lawsuit claims McKinsey’s retirement plans—which together hold more ...