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Missouri Federal Court Awards $11.7M in Attorneys’ Fees In Fund Mapping Case

The court in Tussey v. ABB Inc., No. 2:06-cv-04305 (W.D. Mo. Dec. 9, 2015), a long-running suit alleging that ABB failed to monitor recordkeeping fees and improperly mapped participants’ investments (previously reported on here), awarded class counsel $11.7 million in attorneys’ fees and affirmed its earlier award of $2.28 million in costs and class representative awards.  The court explained that the defendant, in its view, “was not merely negligent but rather motivated by self-interest,” and the case made a “significant, national contribution” towards educating “plan administrators, the Department of Labor, the courts and retirement plan participants about the importance of monitoring recordkeeping fees and separating a fiduciary’s corporate interest from its fiduciary obligations.”  The court also rejected defendant’s argument that the fee award was disproportionate to the $13.4 damage recovery because defendant had spent $42 million in attorneys’ fees defending the case, and that “[t]ying Plaintiffs’ counsel’s fees to a percentage of the monetary recovery would unfairly deprive them of compensation for the time spent successfully litigating important claims and issues.”

© 2019 Proskauer Rose LLP.

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About this Author

Neil Shah, Proskauer Rose, Labor Rights Lawyer, ERISA Litigation Attorney,
Associate

Neil Shah is an associate in the Labor & Employment Law Department and a member of the Employee Benefits, Executive Compensation & ERISA Litigation Practice Center.

Rutgers University School of Law, Newark, J.D., 2009

 

cum laude

Order of the Coif

Managing Editor, Rutgers Law Review

Dean's Merit Scholarship

 

New York University, College of Arts & Science, B.A., 2006...

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