Schlichter Bogard Obtains Proposed $48 Million Settlement for Retirement Plan Participants in ADP 401(k) Litigation
Various media outlets have reported on a proposed $48 million settlement in litigation brought by Schlichter Bogard on behalf of participants in the ADP TotalSource Retirement Savings Plan.
The lawsuit alleged that ADP breached its fiduciary duties under ERISA by retaining underperforming investment options and causing the plan to pay excessive fees. The proposed settlement resolves claims brought on behalf of participants and beneficiaries in the approximately $7.8 billion retirement plan.
As reported by Law360, Schlichter Bogard Co-Managing Partner Jerry Schlichter stated that “[t]his $48 million settlement is an important victory for employees and retirees in 401(k) plans in protecting their retirement assets.” Jerry further noted that plan participants “will not only receive compensation for their past losses, but they will also be better positioned to build their retirement savings going forward.”
For more information about Schlichter Bogard’s retirement practice, please contact us at 800‑USE‑LAWS (873‑5297) or via email at contact@uselaws.com.
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