Providence Health 401(k) Class Action Settlement

Providence Health & Services 401(k) plan participants have secured a $2.25 million settlement resolving claims that the company betrayed its fiduciary duty to retirement plan participants.

Class Members include current and former Providence Health 401(k) or 403(b) plan participants who maintained a balance between Nov. 28, 2011 and Feb. 22, 2019.

The Providence Health 401(k) class action lawsuit claimed that plan fiduciaries failed to meet their obligations under federal law.

The Employee Retirement Income Security Act (ERISA) requires those who manage retirement and pension plans maintain certain standards when it comes to investments, disclosures, and recordkeeping.

The Providence Health 401(k) class action lawsuit contended that the plan administrators picked poor investment options for participants.

The plaintiff alleged that despite the availability of cheaper, better options, Providence Health 401(k) and 403(b) plan participants were left with expensive, poorly performing investments. The failure to maintain better options amounted to a violation of ERISA, argued the complaint.

Providence denies any wrongdoing when it comes to its 401(k) and 403(b) retirement plan offerings, but agreed to pay $2.25 million to end the class action lawsuit.

Under the terms of the Providence Health 401(k) class action settlement, Class Members will automatically receive a payment from the settlement fund.

Class Members who are current plan participants will receive an payment to their account.

Class Members who are not currently participating in a Providence Health 401(k) or 403(b), but did so during the Class period, will receive a check.

The deadline to object to the class action settlement is June 24, 2019. Class Members are not permitted to exclude themselves from the settlement agreement.

Who’s Eligible

Class Members include all current and former Providence Health 401(k) and 403(b) plan participants with a balance between Nov. 28, 2011 and Feb. 22, 2019.

Potential Award

To Be Determined. The court will use the following formula to allocate settlement awards to each Class Member:

• “First: Calculate the sum of all Annual Account Balances for all Settlement Class Members across all years of the Class Period;
• Second: For each individual Settlement Class Member, calculate the sum of that Settlement Class Member’s Annual Account Balances across all years of the Class Period;
• Third: Allocate to each Settlement Class Member a share of the Distributable Settlement Amount in proportion to the sum of that Settlement Class Member’s Annual Account Balances across the Class Period, deriving the factor to be applied to the Distributable Settlement Amount by dividing the sum of the individual Settlement Class Member’s Annual Account Balances across the Class Period (as described in paragraph 3(b) above) by the total of all Settlement Class Members’ Annual Account Balances across the Class Period (as descried in paragraph 3(a) above).”

More information about the plan of allocation can be found here.

Proof of Purchase

None. Class Members will be automatically entered into the settlement.

Notice

NOTICE

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.

Objections Deadline

6/24/2019

Case Name

Jenny Johnson, et al. v. Providence Health & Services, et al., Case No. 2:17-­cv­-01779, in the U.S. District Court for the Western District of Washington

Final Hearing

07/09/2019

Settlement Website

ProvidenceHealthERISA.com

Claims Administrator

Johnson v. Providence Health ERISA Settlement Administrator
c/o Rust Consulting Inc – 6446
PO Box 54
Minneapolis, MN 55440-0054
1-866-621-4153

info@ProvidenceHealthERISA.com

Class Counsel

LAW OFFICES OF CLIFFORD A. CANTOR PC

IZARD KINDALL & RAABE LLP

BAILEY & GLASSER LLP

KESSLER TOPAZ MELTZER & CHECK LLP

Defense Counsel

KARR TUTTLE CAMPBELL

O’MELVENY & MYERS LLP

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Join a Free California 401k Class Action Lawsuit Investigation

You may qualify for this 401k class action lawsuit investigation under the following circumstances:

• You live in California;
• You are employed by a company with 500 or more employees;
• You participate in a 401k plan or another pension plan; and/or
• You have been the victim of an ERISA violation such as excessive fees, mismanagement, breach of fiduciary duty, and/or failure to adequately fund.

If you are unsure if you’ve been the victim of any 401k violations, an experienced retirement plan attorney can assist you.

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