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Walgreen Profit-Sharing Retirement Plan Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

A settlement has been reached with Walgreen Co., the Retirement Plan Committee of the Walgreen Profit-Sharing Retirement Plan, the Trustees of the Walgreen Profit-Sharing Retirement Trust, and the Board of Directors of Walgreen Co., over the Walgreen Profit-Sharing Retirement Savings Plan. The complaint alleged that the companies violated the Employee Retirement Income Savings Act (ERISA) about the plan’s management, operation, and administration, and specifically about the retention of certain Northern Trust Focus Funds among its investment options.

Docket Number:

1:19-cv-05392

Company: Walgreen Company

Filing Deadline: February 6, 2022

Class Period: January 1, 2014

Objection Deadline: January 17, 2022

Final Approval Hearing: February 16, 2022

Proof of Purchase:

No proof is required. You do not have to do anything if you are a current participant in the plan. Your share of the net settlement fund will be deposited into your current account and invested according to your investment elections or, if you have not made elections, in the plan’s qualified default investment alternative. If you are a class member who no longer participates in the plan, a current participant with a $0 plan account balance, or a beneficiary or alternate payee, you will receive payment in the form of a check, unless you submit a Former Participant Rollover Form directing it to be rolled over into another qualified retirement account.

Eligibility:

You may be eligible if you are or were a participant or beneficiary of the Walgreen Profit-Sharing Retirement Plan who invested in the following funds between January 1, 2014 through the date of judgment in this case:

- Northern Trust Focus 2020 Fund
- Northern Trust Focus 2025 Fund
- Northern Trust Focus 2030 Fund
- Northern Trust Focus 2035 Fund
- Northern Trust Focus 2040 Fund
- Northern Trust Focus 2045 Fund
- Northern Trust Focus 2050 Fund
- Northern Trust Focus 2055 Fund

Typical Settlement Amount:

Share of the net settlement fund. The amount of your payment will be based in part of the amount of your plan account balance invested in the Northern Trust Focus Funds above during the class period, according to a plan of allocation set out in the Settlement Agreement. Walgreens has removed these funds from the plan, the Notice says, “in connection with a Request for Proposal (RFP) relating to the Plan’s target date fund structure and providers…”

Total Settlement Amount: $13,750,000

Class Representative Proposed Incentive Fee:

$15,000

Law Firm:
Sanford Heisler Sharp LLP

Claim Form: Former Participant Rollover Form

Case Name: Brown- Davis, et al. v. Walgreen Co., et al.,

Settlement Website: Walgreen Profit-Sharing Retirement Plan Settlement Website

Claims Administrator:
Analytics Consulting, LLC

Claims Administrator Contact Information:

Walgreens ERISA Settlement
P.O. Box 2009
Chanhassen, MN 55317-2009
info@WalgreensERISA.com
833-608-2386

Tags: ERISA Violations, Investments, Retirement Plans