L Brands 401(k) fees $2.75M class action settlement

Update:

• The court granted this settlement final approval Jan. 31, 2023.
• Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.

L Brands agreed to pay $2.75 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 settlement benefits participants of L Brands’ 401(k) savings and retirement plan between Nov. 23, 2014, and Sept. 20, 2022.

As of August 2021, L Brands is Bath and Body Works. However, the company used to encompass several other brands, such as Victoria’s Secret, Lane Bryant, Abercrombie & Fitch and more.

According to current and former plan participants of L Brands’ 401(k), 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.

The ERISA class action lawsuit claims L Brands allowed service providers to charge unreasonable record-keeping and administrative expenses to the plan. In addition, L Brands 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.

“Plaintiff and all Plan participants suffered financial harm as a result of the Plan’s imprudent investment options and excessive fees, and were deprived of the opportunity to invest in prudent options with reasonable fees, among other injuries,” the ERISA class action lawsuit contends.

L Brands hasn’t admitted any wrongdoing but agreed to a $2.75 million class action settlement to resolve these allegations.

Under the terms of the settlement, class members can receive a cash payment. 

Payments will vary depending on each class member’s end-of-year balances during the class period. Class members who had larger year-end balances will receive a larger share of the net settlement fund. 

No settlement payment estimates are available, though class members are guaranteed to receive at least $10. 

Any funds that remain in the settlement fund after checks expire will be paid to the L Brands 401(k) plan to benefit active plan participants. No funds will revert to L Brands after the settlement is concluded.

The objection deadline in the L Brands class action lawsuit settlement is Dec. 23, 2022. 

The final approval hearing is scheduled for Jan. 25, 2023. 

Active participants, their beneficiaries or their alternate payees do not need to file a claim to receive settlement benefits. 

In order to receive settlement benefits, former participants must submit a valid claim form by Jan. 9, 2023.

Who’s Eligible

Participants of L Brands’ 401(k) savings and retirement plan between Nov. 23, 2014, and Sept. 20, 2022

Potential Award

Varies

Proof of Purchase

No proof of purchase applicable

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

01/09/2023

Case Name

Allison, et al. v. L Brands Inc., et al., Case No. 2:20-CV-06018-EAS-CMV, in the U.S. District Court for the Southern District of Ohio

Final Hearing

01/25/2023

Settlement Website

StrategicClaims.Net/LBrands401k

Claims Administrator

Strategic Claims Services
600 North Jackson Street, Suite 205
Media, PA 19063
info@strategicclaims.net
866-274-4004

Class Counsel

Laurie Rubinow
Alec J Berin
MILLER SHAH LLP

Defense Counsel

Abbey M Glenn
MORGAN LEWIS & BOCKIUS LLP