DST Systems 401(k) $124M class action settlement

DST Systems and Ruane, Cunniff & Goldfarb agreed to pay more than $124 million as part of a settlement to resolve a class action lawsuit claiming they mismanaged an employee 401(k) profit-sharing plan.

The settlement benefits current and former participants, beneficiaries or alternate payees of the DST Systems Inc. 401(k) Profit Sharing Plan.

According to the class action lawsuit, DST Systems and Ruan, Cunniff & Goldfarb invested an inappropriate amount of the 401(k)’s assets into Valeant Pharmaceuticals stock. When this stock failed, the plan allegedly lost significant value — causing financial damage to participants. 

DST Systems is an advisory company that was acquired by SS&C Technologies in April 2018. 

The defendants haven’t admitted any wrongdoing but agreed to a $124 million settlement to resolve the 401(k) class action lawsuit. Ruane, Cunniff & Goldfarb is an investment advisor that manages investment funds.

Under the terms of the DST settlement, class members can receive a proportional share of the settlement fund based on their account information and other factors. 

Current participants, beneficiaries or alternate payees will receive their settlement share as a deposit into their plan account. 

Former participants, beneficiaries or alternate payees will receive their settlement share as a check. 

Class members cannot exclude themselves from the settlement because the class has been certified as a mandatory class under federal law. The deadline for objection is Oct. 13, 2023.

The final approval hearing for the settlement is scheduled for Oct. 23, 2023.

Class members do not have to file a claim to receive a settlement payment. Former participants who wish to receive their settlement payment as a rollover into a qualified retirement account must submit a former participant rollover form by Oct. 12, 2023.

Who’s Eligible

Current and former participants, beneficiaries or alternate payees of the DST Systems Inc. 401(k) Profit Sharing Plan

Potential Award

Varies

Proof of Purchase

N/A

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

10/12/2023

Case Name

Ferguson, et al. v. Ruane Cunnif, et al., Case No. 1:17-cv-06685-ALC-BCM, and Ferguson, et al. v. Robert D. Goldfarb, Case No. 1:20-cv-07092-ALC-BCM, both in the U.S. District Court for the Southern District of New York

Final Hearing

0/23/2023

Settlement Website

StrategicClaims.net/DST

Claims Administrator

DST Settlement Administrator
c/o Strategic Claims Services
600 N. Jackson Street, Suite 205
Media, PA 19063
info@strategicclaims.net
866-274-4004

Class Counsel

James E Miller
Laurie Rubinow
MILLER SHAH LLP

Defense Counsel

Lewis R Clayton
Jeffrey J Recher
PAUL WEISS RIFKIND WHARTON & GARRISON LLP

Gregory F Jacob
O’MELVENY & MYERS LLP

Myron D Rumeld
PROSKAUER ROSE LLP