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IBM Retirement Plans Breach of Fiduciary Duty Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

A settlement of $4,750,000 is resolving a class action against the IBM Retirement Plans Committee and certain individuals under the Employee Retirement Income Security Act (ERISA). The complaint alleged that the committee breached its fiduciary duty of prudence in offering IBM common stock as an investment in its 401(k) plan. It claimed that the committee should have known that the stock price was artificially inflated because of its accounting treatment of its Microelectronics assets, and that the committee should have made public disclosures about this.

Docket Number:

15 Civ. 3781 (WHP)

Company: Retirement Plans Committee of IBM

Filing Deadline: January 1, 2100

Class Period: January 21, 2014 to October 20, 2014

Objection Deadline: July 14, 2021

Final Approval Hearing: July 21, 2021

Proof of Purchase:

You do not have to do anything if you have an active account in the plan; your share will be deposited in your account. If you do not have an active account, the settlement administrator will make the payment to you. Contact Class Counsel if you need to update your address.

Eligibility:

You may be eligible if you are a person who was a participant or beneficiary in the IBM 401(k) Plus Plan, at any time between January 21, 2014 and October 20, 2014, and whose account included investments in the IBM Stock Fund.

Typical Settlement Amount:

Benefits from this settlement will be distributed according to a plan of allocation, depending on the amount of IBM Stock Fund shares you bought and sold in your account and your particular losses, between January 21, 2014 and October 20, 2014.

Total Settlement Amount: $4,750,000

Class Representative Proposed Incentive Fee:

$10,000

Law Firm:
Zamansky, LLC

Case Name: Jander et al. v. Retirement Plans Committee of IBM et al.

Settlement Website: IBM Retirement Plans Breach of Fiduciary Duty Settlement Website

Claims Administrator:
Rust Consulting, Inc.

Claims Administrator Contact Information:

Jander v IBM Settlement Administrator
c/o Rust Consulting, Inc. – 7273
PO Box 54
Minneapolis, MN 55440-0054
866-759-6517
info@JandervIBMSettlement.com

Tags: Breach of Fiduciary Duty, Investment Losses, Investments, Retirement Plans