Fujitsu 401k Class Action Settlement
All participants and beneficiaries of the Fujitsu Group Defined Contribution and 401(k) Plan at any time on or after June 30, 2010 through September 30, 2017 including any Beneficiary of a deceased person who was a Participant in the Plan at any time during the Class Period, and any Alternate Payees in the case of a person subject to a Qualified Domestic Relations Order who was a Participant in the Plan at any time during the Class Period.
The Net Settlement Amount will be divided pro rata among eligible Class Members based on each eligible Class Member’s quarterly account balances during the Class Period. Account balances from the beginning of the Class Period through the third quarter of 2016 will be weighted at a rate of 10 times the dollar amount invested, and account balances from the fourth quarter of 2016 until the end of the Class Period will be weighted at a rate of 1 times the dollar amount invested. There are approximately 22,705 Class Members. Note that if you are an Alternate Payee pursuant to a Qualified Domestic Relations Order, your portion of the Settlement will be distributed pursuant to the terms of that order. If the dollar amount of a settlement payment to an authorized former participant is calculated to be $5 or less, then that authorized former participant will not be issued a settlement payment.
Proof of Purchase
Jerry Johnson, et al. v. Fujitsu Technology and Business of America Inc., et al.,Case No. 5:16-cv-03698 District Court for the Northern District of California
In the Class Action, the Class Representatives claim that Defendants failed to prudently control Plan costs and failed prudently to manage the Plan’s investments in the best interests of Plan participants and beneficiaries, and thereby breached fiduciary duties to the Plan and its participants and beneficiaries under Subchapter I, Subtitle B, Part 4 of ERISA. Defendants have denied and continue to deny the claims and contentions of the Class Representatives. Defendants also deny that they are liable at all to the Class, and deny that the Class or the Plan have suffered any harm or damage for which Defendants could or should be held responsible.