Putnam Workers’ ERISA Lawyers Win $4.4 Million in Fees, Costs

April 7, 2021, 2:53 PM

The attorneys who negotiated a $12.5 million settlement over the affiliated mutual funds in Putnam Investments LLC’s 401(k) plan were awarded more than $4.4 million in attorneys’ fees and expenses, according to a Boston federal judge’s order.

Judge William G. Young of the U.S. District Court for the District of Massachusetts on Monday gave final approval to the settlement and awarded attorneys’ fees to the plan participants’ lawyers, who sued Putnam under the Employee Retirement Income Security Act in 2015.

The settlement, which is slated to benefit about 6,000 people who held retirement savings in Putnam’s plan, requires the company...

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