The lawyers representing workers who filed a lawsuit against State Street Corp. regarding the management of in-house funds within its 401(k) plan have been awarded $903,000 in attorneys’ fees. This decision follows a federal judge’s rejection of the attorneys’ initial request for a more substantial fee amounting to one-third of the $4.3 million settlement.
Judge Mark L. Wolf issued the order on Monday, determining that the lawyers would receive fees constituting 21% of the settlement fund, in addition to $100,000 for expenses. The lawyers had sought over $1.4 million, which Judge Wolf previously indicated did not seem to correspond with the hourly rates typically billed to clients. Further details of the order can be found here.
For additional context and comprehensive coverage of the ruling, visit the full article on Bloomberg Law here.