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Novitex Enterprise Solutions Retirement Plan Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

Exela Enterprise Solutions, Inc. and the Novitex Enterprise Solutions Employee Benefits Committee are settling a class action alleging that the two did not perform proper oversight of the former Novitex Enterprise Solutions Retirement Savings Plan, which was ended in December 2018 when its assets were merged with the Source HOV 401(k) Plan, forming the Exela 401(k) Plan. The complaint alleged that the companies had violated the Employee Retirement Income Security Act of 1974 (ERISA).

Docket Number:

3:17-cv-1573 (MPS)

Company: Exela Enterprise Solutions, Inc.

Filing Deadline: August 24, 2021

Class Period: January 1, 2014 to December 31, 2018

Objection Deadline: August 15, 2021

Final Approval Hearing: September 14, 2021

Proof of Purchase:

No proof is necessary. Current participants, or beneficiaries or alternate payees of participants who have active accounts in the Exela Plan do not have to take any action to receive a payment. Former participants, and beneficiaries or alternate payees of participants who do not have active accounts in the Exela Plan must submit a claim form.

Eligibility:

You may be eligible if you were a participant in, or beneficiary of, or an alternate payee of a participant in, the Novitex Enterprise Solutions Retirement Savings Plan before the merger with the Source HOV 401(k) plan, at any time between January 1, 2014 and December 31, 2018.

Typical Settlement Amount:

Varies. Portion of the net settlement fund, distributed according to a formula

Total Settlement Amount: $750,000

Class Representative Proposed Incentive Fee:

$15,000

Law Firm:
Shepherd Finkelman Miller & Shah

Claim Form: Novitex Enterprise Solutions Retirement Plan Settlement Former Participant Claim Form

Case Name: Sandoval v. Exela., et al.

Settlement Website: Novitex Enterprise Solutions Retirement Plan Settlement Website

Claims Administrator:
Strategic Claims Services

Claims Administrator Contact Information:

Strategic Claims Services
600 N Jackson St #205
Media, PA 19063
info@strategicclaims.net
866-274-4004

Tags: 401(k) Plans, Retirement Plan Mismanagement, Retirement Plans