In State Street Settlement, ERISA Counsel Awarded More, Class Counsel Less

Mealey's (March 3, 2020, 11:14 AM EST) -- BOSTON — A Massachusetts federal judge overseeing a $300 million settlement of allegations that a bank violated consumer protection laws and breached its fiduciary duties under the Employee Retirement Income Security Act awarded $60 million in attorney fees on Feb. 27 in a case he said demonstrated “that in class actions not all lawyers are trustworthy” (Arkansas Teacher Retirement System v. State Street Bank and Trust Co., No. 11-10230; Arnold Henriquez, et al., v. State Street, No. 11-12049; The Andover Companies Employee Savings and Profit Sharing Plans, et al., v. State Street, No. 12-11698, D. Mass., 2020 U.S. Dist. LEXIS 33552)....