Novant Health 401 (K) Class Action Settlement
Under the terms of the Novant Health 401(k) class action lawsuit settlement, Class Members include all current and former participants and beneficiaries who participated in any of the following retirement plans between Oct. 1, 1998 and Sept. 30, 2015:
- The Savings and Supplemental Retirement Plan of Novant Health, Inc. and the Tax Deferred Savings Plan of Novant Health, Inc. (collectively, the “Retirement Plus Plan”)
- The Franklin/Upstate 401(k) Plan
- The Presbyterian Women’s Care Corp. 401(k) Plan
- The Lakeside/Q-Neck 401(k) Plan
- The 457(b) Retirement Plan of Novant Health, Inc.
The Retirement Plus Plan Wrap Nonqualified 457(b)/457(f) Plan of Novant Health, Inc. (the “457(f) Plan”) Excluded from the class are members of the Novant Health Retirement Plan Committee, the Administrative Committee and members of Novant Health, Inc.’s Board of Trustees since Oct. 1, 1998.
Eligible Class Members can receive a distribution of the net settlement amount divided among all Class Members based on their Modified Average Account Balance during the Class Period.
Proof of Purchase
Karolyn Kruger M.D., et al. v. Novant Health Inc., et al., Case No. 14-cv-00208District Court for the Middle District of North Carolina
According to the plaintiffs Novant breached its fiduciary duties by causing 401(k) retirement plan participants to pay millions of dollars in fees for excessive record-keeping and administrative services to third-party service providers