If you were a participant in the Cerner Corporation Foundations Retirement Plan at any time between January 21, 2014 and March 5, 2021, you may be entitled to benefits from a Cerner retirement plan class action settlement.
Cerner Corporation and two Cerner-associated committees (collectively, “Cerner”) have reportedly agreed to a class action settlement of a lawsuit filed against it in the United States District Court for the Western District of Missouri, styled Freck, et al. v. Cerner Corporation, et al., Civil Action No. 4:20-cv-00043-BCW, alleging, among other things, that Cerner breached its fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) in connection with the selection and monitoring of certain of the Cerner Corporation Foundations Retirement Plan’s investment options by offering and retaining unduly expensive investment options in the retirement plan and paying excessive administrative fees for the retirement plan. Cerner reportedly denies any claims of wrongdoing.
Who Is Included In The Cerner Retirement Plan Class Action Settlement?
The Cerner Retirement Plan class action settlement reportedly includes, unless otherwise excluded, the following settlement class:
All persons who were participants in or beneficiaries of the Plan at any time from January 21, 2014 to the date the
Settlement was preliminarily approved by the Court, which is March 5, 2021.
What Settlement Benefits Does The Cerner Class Action Lawsuit Settlement Provide?
The proposed Cerner class action settlement provides that Cerner will pay $4,050,000.00 into a settlement fund, from which class Members are eligible to receive a pro rata share of after payment of administrative expenses, taxes, tax expenses, any attorneys’ fees and expenses that the Court awards to Plaintiffs’ lawyers, and any incentive awards to Plaintiffs.
The calculation of payments made to class members under the settlement reportedly will be made as follows:
For each Class Member, the Settlement Administrator shall determine a Settlement Allocation Score. A Class Member’s Settlement Allocation Score shall be the aggregate of his or her quarter-ending account balance measured in points such that each dollar invested in the Disputed Investments equals four (4) points, and each dollar invested in the Non-Disputed Investments equals one (1) point. A Class Member’s Average Settlement Allocation Score shall be the average of his or her Settlement Allocation Scores during the Class Period, weighted by the percentage of days in the quarter for partial quarters at the beginning of the Class Period.
The Settlement Administrator shall determine the total settlement payment available to each Class Member by calculating each such Class Member’s pro rata share of the Net Settlement Fund based on his or her Settlement Allocation Score compared to the sum of the Settlement Allocation Scores for all Class Members. If the dollar amount of the settlement payment to a Class Member is calculated by the Settlement Administrator to be less than $2.00, then that Class Member’s payment or pro rata share shall be zero for all purposes.
The Cerner Settlement benefits will reportedly be distributed automatically, either to Cerner Class Members’ retirement plan accounts (for current Plan participants) or by check (for former Plan participants, and eligible Beneficiaries and Alternate Payees of Class Members). Claims forms are not required under the settlement.
Where Can You Obtain More Information About The Cerner Retirement Plan ERISA Class Action Settlement?
For more information about the Cerner Retirement Plan ERISA class action settlement, write to Cerner ERISA Settlement, P.O. Box 2004, Chanhassen, MN 55317-2004, call 1-844-777-1737, email info@CernerERISASettlement.com or visit the Cerner retirement plan class action settlement website at https://cernererisasettlement.com/