UnitedHealth’s 401(k) Settlement Spurs $23 Million Fee Request

The lawyers who negotiated a $69 million settlement with UnitedHealth Group Inc. over the Wells Fargo & Co. target date funds in its 401(k) plan asked a federal judge for $23 million in attorneys’ fees.

The request represents one-third of the settlement in fees, along with $735,163 in expenses and a $50,000 service award for class representative Kim Snyder. The $69 million deal is the “largest-ever ERISA settlement alleging breach of fiduciary duty for failure to remove underperforming investment options,” and it represents up to 25% of the case’s potential damages, they told Judge John R. Tunheim in a motion ...