Bloomberg Law
March 8, 2019, 2:56 PM UTC

Deutsche Bank’s 401(k) Settlement Earns Lawyers $6.57M in Fees

Jacklyn Wille
Jacklyn Wille
Reporter

The lawyers who negotiated a $21.9 million settlement with Deutsche Bank over its 401(k) plan won $6.57 million in attorneys’ fees and more than $850,000 in expenses.

The fee award, which represents 30 percent of the settlement, is justified because the reasonable baseline fee in a complex retirement plan class action is 27 percent, Judge Lorna G. Schofield of the U.S. District Court for the Southern District of New York said. And an upward adjustment to the baseline is warranted because the deal also provides significant “non-monetary relief” in the form of changes to Deutsche Bank’s 401(k) plan, Schofield said ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.