Schlichter Bogard Secures Final Approval of $13.4 Million Liberty Mutual Settlement
As reported by Law360, a Massachusetts federal court has granted final approval of a $13.4 million settlement obtained by Schlichter Bogard on behalf of participants in the Liberty Mutual 401(k) Plan.
The lawsuit, originally filed by Schlichter Bogard in 2020, alleged that Liberty Mutual and its fiduciaries failed to adequately monitor recordkeeping expenses and retained investments that harmed participants’ retirement savings. The case was litigated for more than six years before reaching settlement earlier this year.
The Court also recognized Schlichter Bogard’s leadership in Employee Retirement Income Security Act (ERISA) litigation, stating that the Firm “pioneered this type of ERISA class action” and concluding that Schlichter Bogard “demonstrated tremendous skill and unique expertise throughout this litigation to obtain an efficient result for Class members.”
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.
Photo credit: JHVEPhoto – stock.adobe.com
