Novant Health ERISA Settlement Leads to $10.7M in Attorneys’ Fees

Schlichter Bogard & Denton, the St. Louis-based law firm that sparked the litigation frenzy over high-cost 401(k) plans, was awarded $10.7 million in attorneys’ fees following a $32 million settlement in its case against Novant Health Inc. (Kruger v. Novant Health, Inc., M.D.N.C., 1:14-cv-00208, 9/29/16).

Chief Judge William L. Osteen Jr. granted yesterday the class’s motion for attorneys’ fees, holding that the $10,666,666 the firm requested was reasonable. Osteen relied heavily on the fees awarded to Schlichter in its case against the Boeing Co. in which a federal court approved $19M in fees to ...