Schlichter Bogard & Denton Reaches $39.8 Million Settlement on Behalf of Participants in Insperity’s 401(k) Plan
Reliance Trust Co. has agreed to pay nearly $40 million to settle an ERISA class action lawsuit brought by Schlichter Bogard & Denton on behalf of 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.
“Now, the settlement will provide Insperity employees and retirees with substantial compensation for their past losses, and the plan has been much improved for their future retirement savings,” Schlichter Bogard & Denton Managing Partner Jerry Schlichter was quoted as saying by Law360. The Court entered an order preliminarily approving the settlement on October 14.
This result underscores our commitment to achieving justice for American workers and retirees. For additional information about Schlichter Bogard & Denton’s Retirement practice, please contact us at 800-873-5297 or firstname.lastname@example.org.