If you were a participant in or beneficiary of the IBM 401(k) Plus Plan at any time from January 21, 2014 through and including October 20, 2014, and your Plan account included investments in the IBM Stock Fund, You May Be Entitled to Benefits from the IBM 401(k) Class Action Settlement.
Retirement Plans Committee of IBM, Richard Carroll, Martin Schroeter, and Robert Weber (“Defendants”) have reportedly agreed to a class action settlement of a lawsuit filed against them in the United States District Court for the Southern District of New York, styled Jander et al. v. Retirement Plans Committee of IBM et al., Case No. 15 Civ. 3781, alleging, among other things, that Defendants violated ERISA because, among other things, Defendants allegedly knew or should have known that the IBM 401(k) Plus Plan’s investment in the IBM Stock Fund was imprudent during the Class Period. Defendants have reportedly denied that they have engaged in any wrongdoing whatsoever, have breached fiduciary duties, or have any liability to the IBM 401(k) Plus Plan or its participants or beneficiaries.
Who Is Included In The IBM 401(k) Plus Plan Class Action Settlement?
The IBM 401(k) Plus Plan class action settlement reportedly includes, unless otherwise excluded, the following settlement class:
All Persons who were participants in or beneficiaries of the IBM 401(k) Plus Plan (the “Plan”) at any time from January 21, 2014 through and including October 20, 2014 (the “Class Period”), and whose Plan accounts included investments in the IBM Stock Fund.
What Settlement Benefits Does The IBM 401(k) Class Action Lawsuit Settlement Provide?
Under the IBM 401(k) class action settlement, a Qualified Settlement Fund of $4.75 million will be divided among eligible Settlement Class members after payment of attorneys’ fees to Class Counsel, a Case Contribution Award to the Named Plaintiffs, payment of other costs and expenses of the Settlement, including notice and settlement administration, as the Court may allow, and any taxes.
Settlement class members’ share of the settlement fund will depend on their alleged loss, compared to other Settlement Class members’ alleged losses, related to the IBM 401(k) Plus Plan’s investments in the IBM Stock Fund between January 21, 2014 and October 20, 2014 and the amount will be calculated according to a Court-approved Plan of Allocation.
With respect to Settlement Class members with an active IBM 401(k) Plus Plan account, their payments will reportedly be made directly to their IBM 401(k) Plus Plan account in accordance with investment elections currently in effect, or, if no such elections have been made, into the IBM 401(k) Plus Plan’s qualified default investment alternative. With respect to Settlement Class members without an active IBM 401(k) Plus Plan account, their payments will reportedly be made to them by the Settlement Administrator (to their current address, if the IBM 401(k) Plus Plan has been provided their address).
Where Can You Obtain More Information About The IBM 401(k) Plus Plan Class Action Settlement?
For more information about the IBM 401(k) Plus Plan class action settlement, write to Jander v IBM Settlement Administrator c/o Rust Consulting, Inc. – 7273, PO Box 54, Minneapolis, MN 55440-0054, call (866) 759-6517, email info@JandervIBMSettlement.com or visit the IBM 401(k) Plus Plan class action settlement website at https://jandervibmsettlement.com/