$39.8 Million Insperity Settlement Receives Final Approval
A federal judge has entered a final order approving a $39.8 million settlement of an ERISA class action lawsuit brought by Schlichter Bogard & Denton against Reliance Trust Co. on behalf of current and former participants in Insperity’s 401(k) plan.
The participants initially sued Reliance Trust, Insperity Inc., Insperity Holdings Inc. and other related entities in December 2015 and filed an amended complaint in April 2016. The lawsuit alleged, among other things, that Defendants engaged in self-dealing by creating a series of collective trust target date funds and adding them to the 401(k) plan. The suit additionally alleged that the Defendants charged excessive investment fees.
In its order, the court pointed to the “substantial hurdles the Plaintiffs faced in succeeding on the merits of their claims”, calling the case “complex, expensive, and time-consuming.”
This result underscores our commitment to fighting on behalf American workers and retirees – even when victory is uncertain. For additional information about Schlichter Bogard & Denton’s Retirement practice, please contact us at 800-873-5297 or sbd@uselaws.com.
