What Is This Lawsuit About?
This litigation (the “Action”) is a class action in which Named Plaintiffs Christian Harding, Patricia Giramma, Ronald Welch, and Lisa Harbour allege that the Defendants breached fiduciary duties owed to the participants in and beneficiaries of the Plan under ERISA by, among other things, failing to attempt to reduce the Plan’s expenses or exercise appropriate judgment to scrutinize each investment option that was offered in the Plan to ensure it was prudent. A copy of the Complaint as well as other documents filed in the Action are available at the Important Documents page or from Class Counsel. Defendants have denied and continue to deny all of the claims and allegations in the Action and deny any liability or wrongful conduct of any kind. Defendants believe they have administered the Plan properly, prudently, and in the best interests of Plan participants.
A Settlement Fund consisting of $2,000,000.00 (two million U.S. dollars) in cash (the “Gross Settlement Amount”) is being established in the Action. The Gross Settlement Amount will be deposited into an escrow account, and the Gross Settlement Amount, together with any interest earned, will constitute the Settlement Fund. Payment of any taxes, approved attorneys’ fees and litigation expenses and payment of Case Contribution Awards to the Named Plaintiffs, and costs of administering the Settlement will be paid out of the Settlement Fund. After the payment of such fees, expenses, and awards, the amount that remains will constitute the Net Settlement Amount. The Net Settlement Amount will be allocated to Settlement Class members according to a Plan of Allocation approved by the Court.
Who Is In The Settlement Class?
You are a member of the Settlement Class if you fall within the definition of the Settlement Class preliminarily approved by Judge Leo T. Sorokin:
All persons who participated in the Plan at any time during the Class Period, including any Beneficiary of a deceased person who participated in the Plan at any time during the Class Period, and any Alternate Payee of a person subject to a Qualified Domestic Relations Order who participated in the Plan at any time during the Class Period. Excluded from the Settlement Class are Defendants and their beneficiaries.
The “class period” referred to in this definition is from December 14, 2014 to November 24, 2021. If you are a member of the Settlement Class, the amount of money you will receive, if any, will depend upon the Plan of Allocation.