$23.65 Million Anthem 401(k) Settlement Receives Preliminary Approval
On April 9, 2019, the U.S. District Court for the Southern District of Indiana granted preliminary approval of a $23.65 settlement in a case handled by Schlichter Bogard & Denton regarding the Anthem 401(k) plan. The case, filed in 2015, alleged that the plan’s fiduciaries violated their duties to plan participants by including underperforming and high-cost investment options and allowing the plan’s recordkeeper to charge excessive fees.
In addition to significant monetary relief, the settlement also provides, among other things, that the plan’s fiduciaries will hire a consultant to review the investments in the plan and conduct a request for proposal for recordkeeping services.
“We’re pleased that Anthem employees and retirees will receive not only compensation for their past losses, but also will have an improved plan going forward to enable them to build their retirement assets,” said Jerry Schlichter, managing partner of Schlichter Bogard & Denton.
Additional coverage may be found here, here, here, 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 firstname.lastname@example.org.