This page provides the answers to class members’ most frequently asked questions.
The information provided is in summary form and is not intended as a complete explanation of your rights. For full and complete information, you are directed to review carefully the Notice.
On June 4, 2020, Plaintiffs filed an action against Defendants, alleging that their administration of the Plan violated ERISA. Specifically, Plaintiffs alleged that Defendants breached their fiduciary duties by causing the Plan to select and retain underperforming and excessively expensive investment options for the Plan’s investment menu and failed to monitor and control administrative fees paid by all Plan participants. Since the filing of the action, the Parties engaged in litigation, including investigating the claims and other developments, exchanging meaningful document productions, and briefing a motion to dismiss. In October 2024, the Parties were ultimately able to reach the terms of the Settlement explained in this Notice. Defendants have denied and continue to deny any wrongdoing or liability and will continue to vigorously defend the lawsuit if the proposed Settlement is not approved.
The Parties have agreed to the Settlement after extensive negotiations and the assistance of an experienced mediator. By agreeing to a settlement, the Parties avoid the costs and risks of further litigation, and Plaintiffs and the other Class Members will receive compensation. Class Counsel have conducted an extensive review of the evidence in the case and the potential risks and benefits of continued litigation. Plaintiffs and Class Counsel agree that the Settlement is in the best interest of the Settlement Class. The Court has not made any finding that Defendants have done anything wrong or violated any law or regulation.
Defendants have agreed to pay a total of $900,000.00 to the Class Members (“Gross Settlement Amount”). Class Counsel intends to ask the Court to approve an amount for attorneys’ fees no greater than $150,000.00, and reimbursement of litigation expenses actually incurred, and approve Case Contribution Awards of no more than $7,500.00 each to the Class Representatives. The amount that will be available for distribution to Class Members (“Net Settlement Amount”) will be the Gross Settlement Amount minus the amounts used for other approved settlement purposes (Case Contribution Awards, Courtapproved Attorneys’ Fees and Costs to Class Counsel, Administrative Expenses, and certain taxes and tax-related costs).
You may be entitled to payment of a portion of the Net Settlement Amount. The amount paid to each Current Participant, Former Participant, Beneficiary, or Alternate Payee will be determined by a Plan of Allocation.
If you are a Current Participant or Beneficiary or Alternate Payee of a Current Participant and you have an Active Account in the Plan, you do not need to take any action to receive payment under the Settlement. Payments to Current Participants or Beneficiaries or Alternate Payees of Current Participants with Active Accounts in the Plan shall be made into these persons’ individual investment accounts in the Plan.
If you are a Former Participant, or a Beneficiary or Alternate Payee of a Former Participant, and you no longer have an Active Account in the Plan, you will need to submit a Former Participant Claim Form by the submission deadline to receive payment under the Settlement. Payments to Former Participants or Beneficiaries or Alternate Payees of Former Participant who do not have Active Accounts in the Plan will be made by check.
No. The Settlement Class has been certified under Federal Rule of Civil Procedure 23(b)(1). Therefore, as a Class Member, you are bound by any judgments or orders entered in the lawsuit for all claims asserted in the lawsuit or otherwise included as Released Claims (as defined in the Settlement Agreement). If you wish to object to any part of the Settlement, you may write to the Court and counsel about why you object to the Settlement.
On June 24, 2025, at 11:00 a.m., in the Martin Luther King Jr. Federal Bldg. & U.S. Courthouse, 50 Walnut Street, Room 4015, Newark, NJ 07101, the Court will hold a Fairness Hearing to determine whether the proposed Settlement is fair, reasonable, and adequate and whether it should be approved. The hearing may be continued from time to time by the Court without further notice, and may be held via teleconference or videoconference. Please check the website or contact Class Counsel if you wish to confirm that the hearing time has not been changed and to determine if the hearing is occurring in person or by video or teleconference.