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Schlichter Bogard & Denton Obtains Preliminary $24 Million Settlement for BB&T Retirement Plan Participants

On November 30, 2018, participants in the BB&T Bank 401(k) plan, represented by Schlichter Bogard & Denton, filed a motion for preliminary settlement approval with the U.S. District Court for the Middle District of North Carolina. The case, which alleged breach of fiduciary duty under the Employee Retirement Income Security Act (ERISA), was settled after three years of litigation.

“We are pleased to have achieved this important settlement for the employees and retirees of BB&T and look forward to receiving the court’s approval,” said Jerry Schlichter, managing partner of Schlichter Bogard & Denton. “In addition to the financial terms, this settlement includes significant non-monetary improvements to the plan going forward, which will benefit plan participants for years to come.” The plaintiffs were also represented by law firms Nichols Kaster, PLLP and Puryear & Lingle, PLLC.

Coverage of this story can be found herehere and here. For additional information about Schlichter Bogard & Denton’s ERISA and Financial Abuse practice, please contact Schlichter Bogard & Denton at 1-800-873-5297 or sbd@uselaws.com.