Following the successful negotiation of a $69 million settlement with UnitedHealth Group Inc. over concerns related to the Wells Fargo & Co. target date funds in its 401(k) plan, the attorneys who spearheaded the case are now requesting $23 million in legal fees. This represents a significant one-third of the total settlement amount. In addition to the fees, the attorneys are seeking $735,163 for expenses and a $50,000 service award for class representative Kim Snyder.
The settlement, described as the “largest-ever ERISA settlement alleging breach of fiduciary duty for failure to remove underperforming investment options,” [addresses concerns about the fiduciary duties](https://news.bloomberglaw.com/public/document/SnydervUnitedHealthGroupIncetalDocketNo021cv01049DMinnApr232021Co/6) related to managing underperforming investment options. The $69 million figure accounts for up to 25% of the case’s projected damages. The legal team presented this fee request to U.S. District Judge John R. Tunheim, [who must now determine if the requested fees](https://news.bloomberglaw.com/people/1926233) and awards are commensurate with the service provided and the outcome achieved.
This development is a noteworthy aspect of litigation linked to the management of retirement plans, prompting comparable institutions to review their procedures to safeguard against similar vulnerabilities. For more details, you can read the full article on [Bloomberg Law](https://news.bloomberglaw.com/employee-benefits/unitedhealths-401k-settlement-spurs-23-million-fee-request).