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Cerner Corporation Retirement Plan ERISA Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

Cerner Corporation is paying more than $4 million to settle a class action alleging it breached its fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA) in connection with its retirement plan. The complaint alleged that the company offered unnecessarily expensive investment options, paid excessive administrative fees, and concentrated investments in Cerner stock.

Docket Number:

4:20-cv-00043-BCW

Company: Cerner Corporation

Filing Deadline: July 12, 2021

Class Period: January 21, 2014 to March 5, 2021

Objection Deadline: July 1, 2021

Final Approval Hearing: July 22, 2021

Proof of Purchase:

Presumably the plan records are being used to determine class membership.

Eligibility:

You may be eligible if you were a participant or beneficiary of the Plan at any time between January 21, 2014 and March 5, 2021.

Typical Settlement Amount:

A share of the Net Settlement Fund distributed according to a Plan of Allocation, based on plan account balance and investment in the Disputed Investments.

Class members who are current participants will have their payment deposited in their plan account, according to your investment selections for new contributions.

Beneficiaries entitled to receive payments on behalf of a class member will receive a check. Alternate payees entitled to receive payments on behalf of a class member pursuant to a Qualified Domestic Relations Order will also receive a check.

Class members who are former participants in the plan (or beneficiaries or alternate payees of former participants) will receive a check. Those who wish to receive payment as a rollover into a qualified retirement account should submit a Former Participant Rollover Form.

Total Settlement Amount: $4,050,000

Class Representative Proposed Incentive Fee:

$10,000-12,000

Law Firms:
Capozzi Adler PC
Foulston Siefkin, LLP

Claim Form: Cerner Corporation Retirement Plan Former Participant Rollover Form

Case Name: Freck, et al. v. Cerner Corporation, et al.

Settlement Website: Cerner Corporation Retirement Plan ERISA Settlement Website

Claims Administrator:
Analytics Consulting

Claims Administrator Contact Information:

Cerner ERISA Settlement
P.O. Box 2004
Chanhassen, MN 55317-2004
1-844-777-1737
info@CernerERISASettlement.com

Tags: Breach of Fiduciary Duty, ERISA Violations, Retirement Plan Mismanagement