Schlichter Seeks $4 Million in Fees for Oracle 401(k) Settlement

Oracle Corp.'s $12 million class settlement with participants in its 401(k) plan spurred a $4 million attorneys’ fee request from the lawyers who negotiated the deal, according to a motion filed in the District of Colorado.

The attorneys at Schlichter, Bogard & Denton LLP say a fee award of one-third the settlement amount is “consistent” with those awarded in other complex Employee Retirement Income Security Act lawsuits. It’s also reasonable given the 6,300 hours expended in litigating the case “up to the very brink of trial,” the firm said in a May 8 motion for attorneys’ fees.

The settlement, ...