Novitex Enterprise Solutions 401(k) $750,00 Class Action Settlement

The Novitex Enterprise Solutions retirement plan committee and other defendants in a class action lawsuit have agreed to a $750,000 settlement to resolve claims the company breached its fiduciary duties under the the Employee Retirement Income Security Act (ERISA).

The Class is made up of anyone who participated in the Novitex Plan at any point between Jan. 1, 2014, and Dec. 31, 2018, inclusive, or anyone who was a beneficiary or alternate payee of any such participant.

The plaintiff in a class action lawsuit claimed the Novitex Enterprise Solutions plan committee and the other defendants breached their fiduciary duties under ERISA by failing to select and retain the least expensive share classes for certain investment options under the plan and by allowing participants to be charged unreasonable expenses.

The defendants deny any accusations of wrongdoing, and a Court has not ruled in favor of either party. Instead, both sides have agreed to the settlement.

The exact amount of each payment is not yet known. Class Members each will receive a share of the Novitex settlement fund after attorneys’ fees and other expenses are deducted.

Class Members who are current participants in the Exela Plan, or those who are beneficiaries or alternate payees of a Novitex Enterprise Solutions plan participant who has an active account in the Exela Plan, and are entitled a share of the fund are not required to take any action in order to receive a payment. The payment will be made directly to the Exela Plan account.

Class Members who do not have an active Exela Plan account, or beneficiaries or alternate payees of a Novitex Enterprise Solutions plan participant who do not have an active account in the Exela Plan will need to file a Former Participant Claim Form in order to receive a payment.

Individuals whose address has changed since their plan accounts were closed are asked to contact the settlement administrator at 866-274-4004 or by email to info@strategicclaims.net to provide the correct address.

A fairness hearing in the Novitex settlement will be held Sept. 14, 2021.

The deadline to object to the settlement is Aug. 15, 2021.

Former participant claims are due by Aug. 24, 2021.

Who’s Eligible

Anyone who participated in the Novitex Plan at any point between Jan. 1, 2014, and Dec. 31, 2018, inclusive, or anyone who was a beneficiary or alternate payee of any such participant.

Potential Award

TBD.

The exact amount of each payment is not yet known. Class Members each will receive a share of the settlement fund after attorneys’ fees and other expenses are deducted.

Proof of Purchase

No proof of purchase is required.

Claim Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

08/24/2021

Case Name

Rigoberto S., et al. v. Exela Enterprise Solutions Inc., et al., Case No. 3:17-cv-1573 (DJS) in the U.S. District Court for the District of Connecticut

Final Hearing

09/14/2021

Settlement Website

StrategicClaims.net/Sandoval401k

Claims Administrator

Strategic Claims Services
600 N Jackson St #205
Media, PA 19063
info@strategicclaims.net
866-274-4004

Class Counsel

James E. Miller
MILLER SHAH LLP

Defense Counsel

Meaghan VerGow
O’MELVENY & MYERS LLP