In one such case, Scott + Scott was part of a legal team representing investors in a lawsuit against Insulet Corp., where the fee request was trimmed by $260,000. Judge Wolf also cited a previous case involving State Street, where he cut $15 million from a $75 million fee award, emphasizing that “not all lawyers can be trusted.”
Justification for the Fee Request
In an attempt to secure the full $1.43 million fee, the firms referenced a $13.5 million fee awarded in a separate case where Peiffer Wolf and other firms obtained a $24 million settlement for a class alleging violations of the Americans with Disabilities Act at the San Francisco 49ers’ stadium. Additionally, Peiffer Wolf argued that partner Adam Wolf has historically billed hourly rates at around $1,000, despite not billing hourly since the State Street case began in 2021.
However, Judge Wolf remained unconvinced, ultimately deciding that the requested 33% fee was excessive given the circumstances of the case.
Scott Attorneys $400K Slashed : Background of the Lawsuit
The underlying lawsuit against State Street Corp. alleged that the company failed to use an impartial or prudent process when selecting investment funds for its employees’ 401(k) plan. Instead, State Street purportedly chose investment options that financially benefited the company at the expense of plan participants.
