11/13/2023 0 Comments My life choices georgia pacific![]() Alight was not named in the suit, Kinder et al. The class action, filed July 16, 2020, by David Kinder and Tracy Scott, said that Koch Industries breached its fiduciary responsibilities as administrator of the $8.1 billion Koch Companies Defined Contribution Master Trust, by failing “to prudently and loyally monitor and control” the expenses incurred by the plans’ record keeper, Alight Solutions. The preliminary settlement agreement, which was filed Monday in federal court in Atlanta, now awaits court approval. Koch Industries agreed to pay $4 million to settle a lawsuit accusing the company of allowing the record keeper of its 401 and other defined contribution plans to charge excessive fees in violation of ERISA. Koch Industries Agrees To $4 Million Settlement In Erisa Suit The company denies any wrongdoing, and it does not accept liability for the plaintiffs claims, arguing it has always taken its fiduciary duties seriously and has monitored, reviewed, and evaluated the recordkeeping expenses paid by the plaintiffs.Īfter considering the ongoing costs, time, and risks spent on defending themselves in court, the company has agreed to the settlement. As a result, the overage charges were unreasonable. Further, the plaintiffs say, the defendants failed to monitor and control recordkeeping expenses, which led to the plaintiffs being overcharged compared to what similarly sized plans would have paid for recordkeeping. In a class action lawsuit, plaintiffs allege the defendants overcharged them by deducting excess fees from their accounts under the guise of recordkeeping costs. Employees Savings Plan, or the Georgia-Pacific LLC 401 Retirement Savings Plan between July 16, 2014, and Dec. Settlement Class Members include all participants or beneficiaries of the Georgia-Pacific LLC Hourly 401 Plan, the Koch Industries Inc. ![]() ![]() Employees Savings Plan, or the Georgia-Pacific LLC 401 Retirement Savings Plan may be eligible to receive a payment thanks to a recent $4 million Koch retirement plan class action lawsuit settlement. Participants or beneficiaries of the Georgia-Pacific LLC Hourly 401 Plan, the Koch Industries Inc. Please see what other class action settlements you might qualifyto claim cash from in our Open Settlementsdirectory! Small cap space has been overlooked this year: Goldman’s Katie Koch
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