fbpx

Columbia University 403(b) Plan Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

This settlement resolves two consolidated class actions against the Trustees of Columbia University in the City of New York about the management, operation, and administration of the university’s 403(b) plans, including the Retirement Plan for Officers of Columbia University and the Columbia University Voluntary Retirement Savings Plan. The complaint alleged violations of the Employee Retirement Income Security Act of 1974 (ERISA) because those responsible for the plans had permitted excessive fees and imprudent investments.

Docket Number:

16-6524

Company: Trustees of Columbia University in the City of New York

Filing Deadline: September 28, 2021

Class Period: August 10, 2010 to March 31, 2021

Objection Deadline: September 12, 2021

Final Approval Hearing: October 12, 2021

Proof of Purchase:

If you are a current participant in either of the plans, you do not need to do anything to receive your payment. If you are Former Participant, of the beneficiary, alternate payee, or attorney-in-fact of a Former Participant, you must submit a claim form.

Eligibility:

You may be eligible if you were a participant or beneficiary of the Retirement Plan for Officers of Columbia University or the Columbia University Voluntary Retirement Savings Plan between August 10, 2010 and March 31, 2021.

Current Participants are those who had a plan account during the class period above with a balance greater than $0 as of March 31, 2021. Former Participants are those who had a plan account during the class period above but who did not have a balance greater than $0 as of March 31, 2021. The beneficiaries, alternate payees, and attorneys-in-fact of Former Participants will also be treated as Former Participants.

Typical Settlement Amount:

Share of the Net Settlement Fund, according to a plan of allocation based on plan records. Shares that amount to less than $10 will not be distributed, as the costs of doing so would exceed that amount.

Total Settlement Amount: $13,000,000

Class Representative Proposed Incentive Fee:

$25,000 each

Law Firm:
Schlichter Bogard & Denton

Claim Form: Columbia University 403(b) Plan Settlement Former Participant Claim Form

Case Name: Cates, et. al. v. Trustees of Columbia University in the City of New York

Settlement Website: Columbia University 403(b) Plan Settlement Website

Claims Administrator:
Angeion Group

Claims Administrator Contact Information:

Columbia University 403(b) Settlement Administrator,
1650 Arch St. Suite 2210,
Philadelphia, PA 19103
844-292-2217

Tags: Breach of Fiduciary Duty, ERISA Violations, Retirement Plans