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$24 Million Settlement of BB&T ERISA Class Action Receives Final Approval

On May 6, 2019, Judge Catherine C. Eagles of the U.S. District Court for the Middle District of North Carolina entered an order approving a $24 million settlement of a case brought by Schlichter Bogard & Denton on behalf of participants in the BB&T Corporation 401(k) plan.

The lawsuit alleged, among other things, that the plan’s fiduciaries had allowed excessive fees to be charged, and included underperforming investment vehicles in the retirement plan. In addition to significant monetary relief for BB&T workers and retirees, the settlement also required the defendants to take steps to improve the plan, including hiring a consultant, conducting a request for proposals (RFP) for investment consulting services, and undergoing training regarding ERISA’s fiduciary duties.

“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,” said Jerry Schlichter, managing partner of Schlichter Bogard & Denton.

Coverage of this story may be found 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 sbd@uselaws.com.