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RWJBarnabas Retirement Plans Breach of Fiduciary Duty Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

This settlement resolves a class action alleging breach of fiduciary duty to two retirement plans, the RWJBarnabas Health 401(k) Savings Plan and the RWJBarnabas Health 403(b) Savings Plan. The complaint brought suit against Barnabas Health, Inc., its Investment Committee, and its Defined Contribution Plans and ERISA Administrative Subcommittee or the Investment Committee, alleging these were fiduciaries of the plans but that they did not try to reduce the plans’ recordkeeping fees and expenses or properly scrutinize the plans’ investment options to make sure they were prudent.

Docket Number:

2:20-cv-13119-KM-JRA

Company: RWJBarnabas Health, Inc.

Filing Deadline: January 1, 2100

Class Period: September 23, 2014 to May 26, 2022

Objection Deadline: September 15, 2022

Final Approval Hearing: September 29, 2022

Proof of Purchase:

You do not have to provide proof or file a claim form.

Eligibility:

You may be eligible if you are a person who participated in the plans at any time between September 23, 2014 and May 26, 2022, including beneficiaries of deceased persons who were participants during that period or alternate payees of persons subject to a Qualified Domestic Relations Order who was a participant during that period.

Typical Settlement Amount:

Portion of the net settlement fund, after certain fees and expenses relating to the settlement have been subtracted, distributed according to a Plan of Allocation. Amounts will be based proportionately on the participants’ account balances December 31 of each year of the class period (except June 30 for 2022). Class members whose shares would be less than $10 will be given $10.

Total Settlement Amount: $1,750,000

Class Representative Proposed Incentive Fee:

Up to $10,000

Law Firm:
Capozzi Adler PC

Case Name: McGowan, et al. v. Barnabas Health, Inc., et al.

Settlement Website: Barnabas ERISA Settlement Website

Claims Administrator:
Analytics Consulting, LLC

Claims Administrator Contact Information:

Barnabas ERISA Settlement
P.O. Box 2009
Chanhassen, MN 55317-2009
info@BarnabasERISAsettlement.com
888-604-1748

Tags: 401(k) Plans, Breach of Fiduciary Duty, Excessive Fees, Investments, Retirement Plans