Did you receive a notice from Eversource? Did you receive a mail about a class action settlement to resolve Eversource 401(k) fees $15M lawsuit? This review will help you partake in the class action settlement after confirming the authenticity of the mail.
What Is Eversource 401(k) fees $15M Class Action Settlement?
Eversource Energy Service Co. agreed to pay $15 million as part of a class action lawsuit settlement to resolve claims it charged unreasonable fees and made high-cost investments with employee 401(k) funds.
The name of the case is Garthwait, et al. v. Eversource Energy Service Co., et al., Case No.: 3:20-cv-00902-JCH, in the United States District Court for the District of Connecticut.
What Is This Class Action All About?
According to participants of Eversource’s 401(k) plan, the company failed to meet its fiduciary duties under the federal Employee Retirement Income Security Act (ERISA). As a result, plan participants allegedly lost money.
Eversource is New England’s largest energy delivery company with 4 million customers in Connecticut, Massachusetts and New Hampshire; the company has more than 9,000 employees.
The ERISA class action lawsuit claims Eversource allowed service providers to charge unreasonable record-keeping and administrative expenses to the plan. In addition, Eversource allegedly selected high-cost investments for the plan instead of more prudent investments that would have resulted in better plan performance.
As a result of both of these practices, the plaintiffs and other participants allegedly suffered from poor plan performance.
Eversource hasn’t admitted any wrongdoing but agreed to a $15 million class action settlement to resolve these allegations.
Under the terms of the settlement, class members can receive a cash payment. The amount paid to each claimant will be determined by an allocation plan approved by the court.
Class members who have an active account in the Eversource 401(k) plan do not need to submit a claim to be eligible for a payment under the settlement. They will receive any payment for which they are eligible automatically in their plan account.
Class members who are former participants of the plan and do not have an active account must submit a Former Participant Claim Form.
Who Is Eligible?
The settlement benefits all participants of the Eversource 401(k) plan on or after June 30, 2014, through and including April 27, 2023.
How To Be Part of This Settlement
For class member to partake in this settlement, former participants must submit a valid claim form by Aug. 25, 2023.
Active participants, their beneficiaries or their alternate payees do not need to file a claim to receive settlement benefits. The objection deadline in the Eversource class action lawsuit settlement is Aug 27, 2023.
The settlement website is StrategicClaims.net/Eversource401k/.
What Is The Pay For This Settlement?
The pay for this settlement varies and the proof of purchase is the Proof of Purchase Text.
Conclusion
As you submit your claim to the settlement website, just like NBA class action settlement we have reviewed, you’re doing so under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. The final approval hearing is scheduled for Sept. 26, 2023.
