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Anthem 401(k) participants have reached a $23.7 million settlement agreement over a class action lawsuit alleging the company violated federal retirement income protection law.
Lead plaintiffs accused Anthem subsidiary ATH Holding Co. LLC of violating the Employee Retirement Income Security Act (ERISA) by assessing excessive fees and failing to provide sufficient low cost investment options for its 401(k) plan participants.
Under the terms of the Anthem 401(k) class action settlement agreement, plan members will receive both monetary and nonmonetary awards
“For over three years this case was extensively litigated with discovery and motion practice, including discovery motions, class certification, summary judgment and Daubert motions. After several months of arm’s length negotiation with the assistance of a national mediator, the Parties reached the Settlement that provides meaningful monetary and non-monetary relief to each Class Member,” notes the plaintiffs’ motion in support of the Anthem class action settlement agreement.
Class Members include several Classes;
- A Money Market Fund Class including “All participants and beneficiaries of the Anthem 401(k) Plan (formerly the WellPoint 401(k) Retirement Savings Plan) who, from December 29, 2009 through the date of judgment…invested in the Vanguard Money Market Fund and whose investment in the Vanguard Money Market Fund underperformed relative to the Hueler Index.”
- A Flat Fee Subclass including “All participants and beneficiaries of the Anthem 401(k) Plan (formerly the WellPoint 401(k) Retirement Savings Plan) who had an account balance greater than $1,000.00 at any time from July 22, 2013 through the date of judgment.”
- A Revenue Sharing Subclass including “All participants and beneficiaries of the Anthem 401(k) Plan (formerly the WellPoint 401(k) Retirement Savings Plan) who had a reduction in the value of their account balance at a rate of more than $35.00 per year due to revenue sharing payments to The Vanguard Group at any time from December 29, 2009 through July 21, 2013.”
The nonmonetary benefits of the Anthem 401(k) class action settlement include additional disclosures to plan participants, along with an independent review and evaluation of investment options offered to plan participants. These actions will be taken soon after the settlement agreement receives final approval from the court.
The Anthem 401(k) class action lawsuit allegations centered on excessive fees and the retention of a mutual fund – the Vanguard Prime Money Market Fund. The plaintiffs alleged that the fund was the only option for Anthem 401(k) participants interested in investing in capital preservation.
ERISA requires companies offering certain retirement plans, along with some types of pension and disability insurance plans, meet standards regarding the types of investments offered, record keeping, administrative oversight, disclosure to participants and fees.
The law also creates a duty for the organizations overseeing these retirement plans to act in the best interest of plan participants.
Top Class Actions will post updates to this class action settlement as they become available. For the latest updates, keep checking TopClassActions.com or sign up for our free newsletter. You can also receive notifications when this article is updated by using your free Top Class Actions account and clicking the “Follow Article” button at the top of the post.
The plaintiffs and Class Members are represented by Jerome J. Schlichter, Troy A. Dolesand of Schlichter Bogard Denton LLP.
The Anthem 401(k) Class Action Lawsuit is Bell, et al. v. Pension Committee of ATH Holding Co. LLC, et al., Case No. 1:15-cv-02062, in the U.S. District Court for the Southern District of Indiana.
UPDATE: July 2019, the Anthem 401(k) class action settlement is now open. Click here to file a claim.
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4 thoughts onAnthem 401(k) Participants Reach $23.7M ERISA Settlement
Add me please
I did not get either. Can some one tell me, who to contact? I did not receive any letter in the email. Notifying me about it.
Hello, my name is Linda Hayes and I am a former employee of Anthem Blue Cross, I worked for the co from 1992 to 2009 and did not received a claim form for this law suit settlement. Can you please tell me if I qualify for this. My Cell # is (818) 605-1915. Please advise, Thank you
Linda Hayes
Have they send out all the check? I haven’t recieved anything.