If you are currently a participant in the Washington University in St. Louis Retirement Savings Plan, or were a participant in the Plan at any time from June 8, 2011 to March 31, 2022, you are a part of a class action settlement.
- A Settlement has been reached in a class action lawsuit against Washington University in St. Louis (the “University”) and related defendants (collectively, “Defendants”), Davis, et. al., v. Washington University in St. Louis, et. al., Case No. 4:17-cv-01641-RLW (the “Action”). The Action was filed by Latasha Davis, Jennifer Elliot, and Marla Aliece King-Sims (“Plaintiffs”) on behalf of themselves, the Washington University in St. Louis Retirement Savings Plan (“Plan”), and the Settlement Class Members described below (collectively with Defendants, the “Settling Parties”). The Action involves whether Defendants complied with their fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) in managing the Plan and ensuring its fees and expenses remain reasonable. Defendants deny any wrongdoing, but agreed to settle this case in part to avoid the substantial costs of litigation.
- You are included as a Settlement Class Member if you are currently a Plan participant, or if you were a Plan participant at any time from June 8, 2011 through March 31, 2022 (the “Settlement Class Period”), or if you are a Beneficiary or Alternate Payee of a Plan participant.
- Defendants, through their insurance provider, have agreed to pay a total of $7,500,000 (the “Gross Settlement Amount”) into a settlement fund, and further agreed to certain prospective non-monetary terms intended to benefit the Plan and its participants. The Settlement would release Defendants and related parties from any claims filed against them in the Action. The terms and conditions of the Settlement are set forth in a Class Action Settlement Agreement (“Settlement Agreement”).
- The Court has preliminarily approved the Settlement, which provides that Settlement Class Members are eligible to receive a pro rata share of the Settlement Amount remaining after payment of notice and administrative expenses, taxes and tax expenses, attorneys’ fees and costs that the Court awards to Class Counsel and to Plaintiffs for representing the class (the “Net Settlement Amount”). The amount of each Settlement Class Member’s payment is based on his or her average Plan account balance during the Settlement Class Period and the duration of participation in the Plan during the Settlement Class Period.
- Please read the Notice carefully. Your legal rights are affected whether you act or not.
| SUMMARY OF YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT | |
|---|---|
DO YOU NEED TO FILE A CLAIM? |
No. If the Settlement is approved by the Court and you are a Settlement Class Member entitled to a payment under the Plan of Allocation, you do not need to do anything to participate in the Settlement. All Settlement Class Members will be bound by the Settlement Agreement and will give up their rights to sue Defendants about the allegations and topics at issue in this case. |
YOU CAN OBJECT BY AUGUST 11, 2022 |
If you wish to object to any part of this Settlement, Class Counsel’s request for attorneys’ fees and costs, or the proposed compensation to Plaintiffs, you may (as discussed below) write to the Court and Counsel to explain why you object. Please note that if you object, the Court has authorized the parties to seek discovery from you, including requests for documents and appearance at a deposition. |
YOU CAN ATTEND A HEARING |
If you submit a written objection to the Settlement before the deadline above, you may (but do not have to) ask to speak at a hearing in Court about the fairness of the Settlement or related matters. You may attend the hearing even if you do not file a written objection, but you will not be permitted to address the Court at the hearing unless you notify the Court and counsel by August 11, 2022, of your intention to appear at the hearing. |
IF YOU DO NOTHING… |
If you are a Current Participant, you will get a share of the Net Settlement Fund to which you are entitled as a credit to your Plan account, and will give up your rights to sue Defendants about the allegations and topics of this case. If you are a Former Participant, whose settlement payment is $25 or more, you will receive such payment via a tax-deferred distribution process by which the payment will be transferred to an automatic rollover IRA, after which you will receive instructions for how you can access and manage such account, and will give up your rights to sue Defendants about the allegations and topics of this case. If you are a Former Participant whose entitlement would be less than $25, you will not receive any payment but will still be bound by the Settlement Agreement and will give up your rights to sue Defendants about the allegations and topics of this case. Payments to Beneficiaries and Alternate Payees will be via check. |
MAIL:
Washington University ERISA Settlement
c/o Settlement Administrator
1650 Arch Street, Suite 2210
Philadelphia, PA 19103
PHONE: (888) 874-1788