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Universal Health 401(k) class action seeks certification
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Individuals who were IBM 401(k) plan participants in 2014 may be eligible to benefit from a $4.75 million class action settlement.

Anyone who was a participant in or beneficiary of the IBM 401(k) Plus Plan at any time from Jan. 21, 2014, through Oct. 20, 2014, and whose plan accounts included investments in the IBM Stock Fund is considered part of the Class.

IBM 401(k) participants filed their class action lawsuit in 2015, accusing the company of dropping stocks in violation of the Employee Retirement Income Security Act (ERISA). The plaintiffs argued the company failed to protect IBM 401(k) participants in the disclosure, asset write-down, and eventual sale of a non-profitable unit of IBM.  

The case made two stops at the United States Supreme Court before the parties reached a settlement agreement in February.

Tech giant IBM employed about 346,000 people in 2020, according to Statista.

If the settlement receives final approval, Class Members are entitled to a payment and will not need to take any action to receive their payment.

Class Members who have an active plan account will receive their share of the net settlement fund as a deposit into that plan account in accordance with the investment elections in effect. If no elections have been made, the money will be deposited into the plan’s qualified default investment alternative.

Class Members who no longer have an active plan account will be paid any funds to which they are entitled.

The amount each Class Member will receive will vary.

Each Class Member’s net loss will be calculated. This number will be equal to the number of IBM Stock Fund shares they acquired during the Class Period minus the number of shares sold, with the difference multiplied by the amount of the decline in the net asset value of the IBM Stock Fund on Oct. 20, 2014.

Net losses will be aggregated to yield the total loss over the plan of allocation and each Class Member’s percentage of that amount will be calculated.

The settlement administrator will apply that percentage to the settlement proceeds in order to calculate each Class Member’s preliminary share.

All participants whose preliminary share is calculated to be greater than zero but less than $25 will be deemed to have a share of zero dollars.

The administrator then will recalculate the net loss percentage of Class Members whose preliminary share was greater than $25 in order to determine each Class Member’s final share.

Class Members do not need to file a claim form to participate in the IBM 401(k) settlement.

Anyone wishing to object to the settlement must do so by July 14, 2021.

A final fairness hearing is scheduled to take place July 21, 2021.

Who’s Eligible

Anyone who was a participant in or beneficiary of the IBM 401(k) Plus Plan at any time from Jan. 21, 2014, through Oct. 20, 2014, and whose plan accounts included investments in the IBM Stock Fund.

Potential Award

Varies.

  • Each Class Member’s net loss will be calculated. This number will be equal to the number of IBM Stock Fund shares they acquired during the Class Period minus the number of shares sold, with the difference multiplied by the amount of the decline in the net asset value of the IBM Stock Fund on Oct. 20, 2014.
  • Net losses will be aggregated to yield the total loss over the plan of allocation and each Class Member’s percentage of that amount will be calculated.
  • The settlement administrator will apply that percentage to the settlement proceeds in order to calculate each Class Member’s preliminary share.
  • All participants whose preliminary share is calculated to be greater than zero but less than $25 will be deemed to have a share of zero dollars.
  • The administrator then will recalculate the net loss percentage of Class Members whose preliminary share was greater than $25 in order to determine each Class Member’s final share.

Proof of Purchase

No proof of purchase is required for this settlement.

Claim Form

No claim form is required for this settlement.

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

No claim form is required for this settlement.

Case Name

Larry J., et al. v. Retirement Plans Committee of IBM, et al., Case No. 1:15-cv-03781-WHP in the U.S. District Court for the Southern District of New York

Final Hearing

07/21/2021

Settlement Website
Claims Administrator

Jander v IBM Settlement Administrator
c/o Rust Consulting, Inc. – 7273
PO Box 54
Minneapolis, MN 55440-0054
866-759-6517
info@JandervIBMSettlement.com

Class Counsel

Jacob H. Zamansky
Samuel Bonderoff
Edward Glenn Jr.
ZAMANSKY LLC

Defense Counsel

Lawrence Portnoy
Lindsay Schare
Michael S. Flynn
DAVIS POLK & WARDWELL

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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.

19 Comments

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