Schlichter Bogard & Denton Secures $17 Million Settlement in 401(k) Excessive Fee Suit Against Philips North America
Schlichter Bogard & Denton has secured a $17 million settlement with Philips North America on behalf ofthousands of participants in the company’s 401(k) retirement plan.
The settlement, which also includes substantial nonmonetary relief on behalf of participants in the Philips retirement plan, will be subject to approval by a United States District Court.
Regarding the settlement, Schlichter Bogard & Denton’s founding and managing partner, Jerome Schlichter, apioneer of 401(k) fee litigation who represented plaintiffs in the case, said, “[i]n addition to the compensation, the participants will be getting an improved plan with significant protections for them to build their retirement assets in the future.”
Prior to reaching this settlement, the parties were involved in an extensive discovery and negotiation process than spanned more than 1.5 years. “There's been a process that's been lengthy arriving at this,” Mr. Schlichter said