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Lawyers Want $1.7 Million for Wilmington Trust Stock Plan Deal

Aug. 3, 2021, 8:13 PM

The attorneys who negotiated a $5.5 million class settlement with Wilmington Trust NA over its role in an employee stock plan transaction asked a federal judge in Delaware to award them $1.7 million in attorneys’ fees and litigation costs.

The lawyers are seeking a 30% fee award for their resolution of a proposed class action challenging Wilmington’s handling of a $342 million transaction on behalf of the Nation Safe Drivers Employee Stock Ownership Plan. A 30% fee award is in line with other awards in Employee Retirement Income Security Act class actions, and with cases challenging stock plan transactions, the ...

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