Pioneer Natural Resources ERISA Class Action Settlement

Current and former Pioneer Natural Resources employees have reached a $500,000 settlement resolving claims that the hydrocarbon extraction company violated the Employee Retirement Income Security Act.

Class Members include Pioneer Natural Resources employees who participated in its 401(k) program between June 28, 2011 and Dec. 10, 2018, along with plan beneficiaries during that time.

Lead plaintiffs lodged a class action lawsuit against Pioneer Natural Resources and the company’s retirement plan administrators over allegations that their 401(k) plans were mismanaged in violation of the Employee Retirement Income Security Act, or ERISA.

ERISA is a federal law that requires employers and plan administrators to meet certain standards when managing retirement and pension plans, as well as certain disability insurance plans.

Plaintiffs accused their employer and retirement administrators of charging excessive fees and offering high cost mutual funds as investment options.

According to the Pioneer Natural Resources ERISA class action lawsuit, too much was spent on recordkeeping and administration services.

The Pioneer Natural Resources class action contended that the excessive administration fees and poor investment options burdening plan participants was a breach of fiduciary duty on the part of Pioneer Natural Resources and retirement plan administrators. The plaintiffs claim the fees and poor investments costs them thousands in precious retirement funds each year.

Pioneer Natural Resources and the other defendants in the class action lawsuit agreed to settle the claims by paying $500,000.

Under the terms of the settlement agreement, Class Members will be entitled to cash awards based on their average year-ending 401(k) account balances between Dec. 31, 2011 and Dec. 31, 2018.

The amount of each award will also depend on the number of valid claims submitted, although no Class Member will receive less than $10.

Class Members will be automatically enrolled in the Pioneer Natural Resources ERISA class action settlement. Class Members who do not have an active 401(k) account will need to complete a basic Claim Form, updating or confirming their address with the settlement administrator. Class Members who did not receive a Notice and Claim Form should contact the settlement administrator at (303) 757-3300.

Class Members have until July 10, 2019 to opt out of or object to the Pioneer Natural Resources ERISA class action settlement.

Who’s Eligible

Class Members include “all Current Participants and Former Participants and Beneficiaries of the Plan from June 28, 2011 through December 10, 2018 who maintained a balance of any amount in the Plan at any point during the class period.”

Potential Award

$10 (minimum).

Class Members will receive an equal share of the settlement fund based on their “average year-ending Plan account balances over the Class Period, starting with December 31, 2011 and ending with December 31, 2018, except that no distribution will be smaller than $10 and any Settlement Class Member with a pro rata amount of less than $10 shall receive a distribution of $10.”

Proof of Purchase

Class Members who do not have an active Pioneer Natural Resources 401(k) need to complete a basic Claim Form. Class Members who do not receive Notice of the settlement should contact the settlement administrator at (303) 757-3300.

FAQs

FREQUENTLY ASKED QUESTIONS »

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

07/10/2019

Case Name

Barrett, et al. v. Pioneer Natural Resources USA Inc., Civil Action No. 1:17-cv-01579-WJM-NYW, in the U.S. District Court for the District of Colorado

Final Hearing

08/07/2019

Settlement Website

www.Barrett401kSettlement.com

Claims Administrator

Pioneer Natural Resources USA Inc. 401(k) and Matching Plan Settlement Administrator
1650 Arch Street, Suite 2210
Philadelphia, PA 19103
(303) 757-3300

info@Barrett401kSettlement.com

Class Counsel

Paul Wood
Keith Scranton
FRANKLIN D. AZAR & ASSOCIATES PC

Defense Counsel

O’MELVENY & MYERS LLP

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