Wells Fargo Workers’ Lawyers Seek $20 Million Cut of 401(k) Deal

The lawyers who negotiated an $84 million class settlement benefiting participants in Wells Fargo & Co.'s 401(k) plan asked a federal judge to award them more than $20 million in attorneys’ fees.

The fee request represents 24% of the settlement and is “well below” the percentage awarded in other Employee Retirement Income Security Act cases, the lawyers told Judge Laura M. Provinzino in a motion filed Monday in the US District Court for the District of Minnesota. They also requested nearly $175,000 in litigation expenses and service awards of $25,000 for each of the three class representatives.

The $84 million ...