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Wells Fargo’s 401(k) Deal Spurs $11 Million Attorneys’ Fee Bid

July 1, 2022, 3:53 PM

Wells Fargo & Co. workers who secured a $32.5 million settlement with the bank over the affiliated mutual funds in their 401(k) plan asked a Minnesota federal judge to award their lawyers about $11 million in attorneys’ fees and costs.

The workers requested that one-third of the settlement amount—about $10.8 million—be approved as attorneys’ fees, along with $180,668 in litigation expenses. These requests are in line with those approved in similar cases, and they’re justified by the “substantial” recovery of about 40% of the damages estimated by the plan participants’ expert, according to the motion.

The fee request, filed Thursday ...