Lawyers who negotiated a $3.8 million class settlement benefiting participants in Wake Forest University Baptist Medical Center’s retirement plan will receive nearly $1.3 million in attorneys’ fees and costs. U.S. District Judge William L. Osteen Jr. granted final approval to the settlement and awarded class counsel their requested fees. Additionally, the judge approved $10,000 case contribution awards for each of the three named plaintiffs.
The lawsuit, filed in the U.S. District Court for the Middle District of North Carolina, stated that Wake Forest’s plan overpays for recordkeeping services while offering overly pricey mutual funds. Judge Osteen denied the medical center’s motion to dismiss the case, allowing the settlement to proceed.
- Participants in the retirement plan stand to benefit from the resolution of claims concerning high fees associated with the plan.
- Class counsel successfully argued that the fees paid by participants were excessive and not in line with the services received.
More details about the case and the settlement can be found in the full article on Bloomberg Law.