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WakeMed Retirement Plan Fiduciary Duties Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

WakeMed and its insurer are paying a little less than a million dollars to settle a class action alleging the company and other parties breached their fiduciary duties to the WakeMed Retirement Savings Plan. The complaint alleged that WakeMed chose and maintained certain mutual funds for the plan that were more expensive than other, similar options and did not exercise prudence with administrative, recordkeeping, and other plan expenses.

Docket Number:

5:21-cv-00190-D

Company: WakeMed

Filing Deadline: October 29, 2021

Class Period: August 25, 2014 to May 4, 2021

Objection Deadline: October 29, 2021

Final Approval Hearing: November 10, 2021

Proof of Purchase:

You do not need provide proof. If you are a current participant, you do not need to submit a claim form. If you are a former participant, who had an account balance of $0 or who had closed their account as of May 4, 2021, you must submit a claim form.

Eligibility:

You may be eligible if you participated in a defined contribution plan sponsored by WakeMed at any time between August 25, 2014 and May 4, 2021, if you were the beneficiary of a participant during that period, or if you were an any alternate payees of a person with a Qualified Domestic Relations Order.

Typical Settlement Amount:

Pro rata share of the net settlement fund, based on your average balance during the class period and the length of your participation in the plan during the class period. Payments to current participants will be deposited in their accounts. Payments to former participants, beneficiaries, and alternate payees will be by check.

Total Settlement Amount: $975,000

Class Representative Proposed Incentive Fee:

$5,000

Law Firm:
Robbins Geller Rudman & Dowd

Claim Form: WakeMed Retirement Plan Settlement Former Participants' Claim Form

Case Name: Conte v. WakeMed

Settlement Website: WakeMed Retirement Plan Settlement Website

Claims Administrator:
Analytics Consulting, LLC

Claims Administrator Contact Information:

WakeMed ERISA Settlement
P.O. Box 2007
Chanhassen, MN 55317-2007
info@wakemederisasettlement.com
1-888-845-0364

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