Did you receive a notice from Hy-Vee? Did you receive a mail about a class action settlement to resolve Hy-Vee claims retirement plan includes excessive recordkeeping fees lawsuit? This review will help you partake in the class action settlement after confirming the authenticity of the mail.
What Is Hy-Vee claims retirement plan includes excessive recordkeeping fees Class Action Settlement?
Theresa L. Rodriguez, Zachary M. Shank, Michael P. Mansberger, Heidi L. Detra, and Tim Campbell filed a class action lawsuit against supermarket chain Hy-Vee Inc.
Rodriguez, Shank, Mansberger, Detra, and Campbell claim Hy-Vee and its board of directors charged excessive recordkeeping fees for its 401(k) retirement plan.
The plaintiffs are represented by Mark K. Gyandoh and Donald R. Reavey of Capozzi Adler PC, and Jeanette M. Keller of Bowman DePree & Murphy LLC.
The name of the case is Rodriguez, et al. v. Hy-Vee, Inc., et al., Case No. 4:22-cv-00072, in the U.S. District Court for the Southern District of Iowa.
What Is This Class Action All About?
Supermarket chain Hy-Vee burdened its 401(k) retirement plan members with excessive recordkeeping fees, a class action lawsuit filed last March alleges.
Plaintiffs Theresa L. Rodriguez, Zachary M. Shank, Michael P. Mansberger, Heidi L. Detra, and Tim Campbell claim Hy-Vee charged more than $63 per person as recordkeeping fees for its 401(k) retirement plan.
The group of five current and former Hy-Vee 401(k) retirement plan participants argue the recordkeeping fees were almost triple the annual amount paid in seven comparable employee benefit plans they identified.
Class certification was granted this week, meanwhile, for more than 55,000 persons and immediate family members who were participants or beneficiaries of Hy-Vee’s 401(k) retirement plan since March 1, 2016.
Comparable retirement plans from Dow Chemical Company and Rite Aid cost $23 and $30 per person, respectively, according to the Hy-Vee class action, reports Law360.
Rodriguez, Shank, Mansberger, Detra, and Campbell reportedly claim Hy-Vee’s board of directors also failed to look over every one of the investment options offered in its 401(k) retirement plan.
The class action lawsuit was previously trimmed in October 2022, with claims regarding investment management fees dismissed at that time, reports Law360.
Who Is Eligible?
The settlement benefits all individuals who participated in Hy-Vee’s 401(k) retirement plan since March 2016.
How To Be Part of This Settlement
For class member to partake in this settlement, class members must submit a valid claim on the settlement website.
What Is The Pay For This Settlement?
The pay for this settlement varies and the proof of purchase is not necessary.
Conclusion
As you submit your claim to the settlement website, just like Eversource 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.
