What Is This Lawsuit About?
This litigation (the “Action”) is a class action in which Named Plaintiffs Kristal M. Khan, Michelle R. Ballinger, and George A. Craan allege that the Defendants breached fiduciary duties owed to the participants in and beneficiaries of the Plan under ERISA. Plaintiffs claim that recordkeeping services and certain investment options offered in the Plan were too expensive. A copy of the Complaint as well as other documents filed in the Action are available on 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 maintain they have administered the Plan properly, prudently, and in the best interests of Plan participants.
A Settlement Fund consisting of $1,725,000.00 (One million seven hundred and twenty-five thousand 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; payment of Case Contribution Awards to the Named Plaintiffs; and the 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, which was 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 William G. Young:
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 September 17, 2014 to May 12, 2022. 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.