Coffee ‘Klatch’? Class Member Challenges Attorney ‘Take’

“A member of the class in an excessive fee suit has challenged the $2.2 million plaintiffs’ counsel fee – and claimed that her recovery will be less than the value of free coffee she received at work during the litigation.

The challenge was made to the $6.8 million settlement struck in a suit brought involving the SEI Capital Accumulation Plan, in which the requested settlement (ostensibly net of $2.2 million in attorney fees, named plaintiff award and costs) was to be spread over about 5,600 current and former participants, pending court approval.” Continue reading.

Source: NAPA National Association of Plan Advisors