A Massachusetts federal judge has significantly reduced the attorney fees requested by Scott + Scott Attorneys at Law LLP and Peiffer Wolf Carr Kane Conway & Wise LLP, slashing more than $400,000 from their bid for compensation in a $4.3 million settlement with State Street Corp. The case, which involved allegations that State Street mismanaged its employees’ 401(k) plans, concluded with U.S. District Judge Mark L. Wolf approving the settlement but trimming the attorneys’ fee request from 33% to 21%.
Scott Attorneys $400K Slashed : Judge Wolf’s Scrutiny of Attorney Fees
Judge Wolf issued a six-page order late Monday approving the $4.3 million settlement but denied the firms’ request for $1.43 million in fees, instead awarding them $903,000. The judge also authorized $100,000 in expenses, reaffirming an order made during a hearing the previous week.
This decision follows Judge Wolf’s pattern of carefully scrutinizing and often reducing attorney fees in class action settlements. He previously ordered the firms to justify their proposed fee, referencing two prior cases where he had significantly reduced attorney compensation.
