Oracle Settlement Receives Final Approval; Schlichter Bogard “Dogged Advocates,” “Experts in ERISA Litigation”

On July 9, a federal judge entered a final order approving a $12 million settlement of an ERISA class action lawsuit brought by Schlichter Bogard & Denton on behalf of thousands of Oracle Corporation workers and retirees.

The case was slated to go to a bench trial on December 3, 2019, on which date the parties reached an agreement – five minutes after trial was scheduled to begin. The suit alleged, among other things, that Oracle allowed recordkeeper Fidelity to charge excessive fees and that the plan contained imprudent investment options that consistently underperformed their benchmarks.

In addition to $12 million in monetary damages, the settlement requires that Oracle restrict its recordkeeper from soliciting plan participants in order to cross-sell proprietary non-plan products and services. In its order, the Court stated as follows regarding class counsel Schlichter Bogard & Denton: “[T]hey have been dedicated, knowledgeable, and dogged advocates throughout this litigation, artfully illuminating this byzantine niche of law for the court’s consideration and determination.”  The Court added that “counsel’s conduct and filings in this case have been of the highest caliber. The Court agrees that class counsel are experts in ERISA litigation.”

We are proud to be pioneers in retirement plan litigation. Read about several other high-impact cases handled by Schlichter Bogard & Denton here.