If you were a participant in the Omnicom Group Retirement Savings Plan between May 29, 2014 and July 5, 2023, you may be entitled to a payment from the Omnicom 401K class action settlement.
Omnicom 401K Class Action Settlement
Omnicom Group Inc. (“Omnicom”), the Board of Directors of Omnicom Group (the “Board”), the Administrative Committee of the Omnicom Group Retirement Savings Plan, and others (collectively, “Defendants”) have reportedly agreed to a settlement of a class action lawsuit filed against them in the United States District Court for the Southern District of New York, styled as In re Omnicom Group, Inc. ERISA Litigation, Class Action Case No. 1:20-cv-04141, alleging, among other things, that Defendants violated the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), in the administration of the Omnicom Group Retirement Savings Plan (the “Plan”).
Defendants reportedly deny the allegations and deny that they engaged in any improper conduct.
Who Is Included In The Omnicom 401K Class Action Settlement?
The Omnicom 401K class action settlement reportedly includes, unless otherwise excluded, the following settlement class:
All participants and beneficiaries in the Plan (Omnicom Group Retirement Savings Plan, and each of its predecessor plans or successor plans, individually and collectively, and any trust created under
such plans) at any time during the Class Period, including any Beneficiary of a deceased Person who participated in the Plan at any time during the Class Period and any Alternate Payee of a Person subject to a QDRO who participated in the Plan at any time during the Class Period, who: (1) through the Plan invested in the Fidelity Freedom Funds suite of target date funds; or (2) through the Plan paid a flat per-participant annual recordkeeping fee charged by the Plan’s recordkeeper.
What Settlement Benefits Does The Omnicom 401K Class Action Settlement Provide?
The Omnicom 401K settlement provides for a payment of $2,450,000.00 (“Qualified Settlement Fund”) that will be available for distribution to Class Members after payment of any court-approved Attorneys’ Fees and Costs, Administrative Expenses, and Case Contribution Awards.
How Much Money Can Class Members Receive Under the Omnicom 401K Class Action Settlement?
The amount paid to each Participant, Former Participant, Beneficiary or Alternate Payee will be determined by a Plan of Allocation approved by the Court.
A “Former Participant” under the Omnicom Settlement means a member of the Settlement Class who does not have an Active Account in the Plan (i.e., an individual investment account in the Plan with a balance greater than $0) as of July 5, 2023.
How Do Omnicom 401K Settlement Class Members Get Paid Under The Settlement?
Participants, or Beneficiaries or Alternate Payees of Participants who have an Active Account in the Omnicom Group Retirement Savings Plan do not need to take any action in order to receive payment under the Omnicom Settlement. Payments made to Participants, or to Beneficiaries or Alternate Payees of a Participant who have Active Accounts in the Plan will reportedly be made into these persons’ individual investment accounts in the Plan.
Former Participants or a Beneficiaries or Alternate Payees of Former Participants who do not have an Active Account in the Omnicom Group Retirement Savings Plan will need to submit a Former Participant Claim Form by the submission deadline in order to receive payment under the Omnicom Settlement.
What Is The Deadline To File A Claim in The Omnicom Retirement Savings Plan Settlement?
Former Participant Claim Forms must be submitted no later than November 2, 2023.
When Will Claimants Get Paid Under the Omnicom 401K Retirement Plan Settlement?
Settlement payments will not be made until after the proposed Settlement is finally approved by the Court, and after appeals (if any) are resolved.
On December 1, 2023, at 10:00 a.m., in the U.S. District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, Courtroom 24A, 500 Pearl Street, New York, NY 10007-1312, the Court is scheduled to hold a Fairness Hearing to determine whether the proposed Settlement is fair, reasonable, and adequate and whether it should be approved.
Where Can You Obtain More Information About The Omnicom 401K Class Action Settlement?
For more information about the Omnicom 401K class action settlement, (a) send a letter to Omnicom Group 401(k) Settlement Administrator, c/o Strategic Claims Services, 600 N Jackson St, Suite 205, Media, PA 19063; (b) send an e-mail to info@strategicclaims.net; (c) visit the Settlement website at www.strategicclaims.net/OGI401k; or (d) call toll-free at (866) 274-4004.