Attorneys Score $20M For Work On ABB 401(k) Class Action

Law360 (August 19, 2019, 11:18 AM EDT) -- The attorneys who represented workers in a 13-year battle with ABB Inc. over excessive 401(k) plan fees will go home with roughly $20 million after securing a $55 million settlement with the technology company.

U.S. District Judge Nanette K. Laughrey signed off on the firm’s request for $18.3 million in fees and $2.3 million in expenses Friday, saying the legal team from Schlichter Bogard & Denton LLP secured a “significant” and “substantial” deal for workers in the face of “daunting risk.”

“The outcome of the case was uncertain, sharply contested, often protracted, and required willingness by class counsel to risk unusual...

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