Preliminary Approval Granted of $32 Million Novant Class Action Settlement

An action brought by Schlichter Bogard & Denton on behalf of a class of more than 25,000 participants in Novant Health's 401(k) plan was preliminarily approved by the U.S. District Court in Greensboro, North Carolina this week. The action concerns alleged fiduciary breaches relating to the Novant plan's investment fees and options, in addition to excessive payments made to plan service providers.

The proposed settlement additionally provides significant non-monetary relief and requires material plan changes that will benefit plan participants going forward.

The case is captioned Kruger v. Novant Health, Inc., 14-cv-208 (M.D.N.C.). For further information, please contact Schlichter Bogard & Denton at 314-621-6115 or sbd@uselaws.com.