Workers' Attys Get $3M In Fees From $9M JPMorgan Deal

By Max Kutner (October 7, 2020, 7:20 PM EDT) -- A New York federal judge on Wednesday signed off on a $3 million payout for lawyers representing a huge class of workers who alleged JPMorgan Chase Bank mismanaged their retirement savings, giving final approval to a $9 million settlement.

U.S. District Judge Jesse M. Furman said in his settlement approval order that the sum was sufficient, given the likely high cost of continuing the yearslong Employee Retirement Income Security Act litigation from about 250,000 current and former employees.

"The amount of the monetary relief provided to the class by the settlement, nine million dollars ($9,000,000.00), is fair, reasonable, and adequate, taking...

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