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Coriant agreed to a $1 million settlement to resolve claims it violated its fiduciary duties under the Employee Retirement Income Security Act (ERISA) while administering its 401(k) plan.
The settlement benefits participants of the Coriant 401(k) plan who experienced a loss due to liquidation at market value of their Gibraltar Guaranteed Fund (GGF) investments. The settlement also covers beneficiaries of deceased plan participants and alternate payees of individuals whose accounts were subject to qualified domestic relations orders.Â
Coriant was an optical telecommunications company launched off of a similar German company. Infinera, a California-based optical company, acquired Coriant in 2018.Â
According to a class action lawsuit against Coriant, the company failed to fulfill its fiduciary duties under ERISA. Through its 401(k) plan, Coriant invested a large sum of retirement funds into GFF investments, the plaintiffs contend. However, Coriant allegedly terminated its 401(k) and liquidated participants’ GGF investments without providing proper notice.Â
As a result, the participants claim they were forced to liquidate their investments at market value as opposed to book value — causing over $2 million in monetary losses. Plaintiffs in the case sought compensation for these losses and other damages stemming from Coriant’s alleged violation of ERISA fiduciary duties.
Coriant and the other defendants haven’t admitted any wrongdoing but agreed to a $1 million class action settlement to resolve these allegations.
Under the terms of the settlement, class members can receive a cash payment based on their individual net losses.Â
Individual shares will be calculated based on the account balance due to GGF liquidation. Class members with a higher calculated net loss will receive a larger share of the net settlement fund. Exact payments will vary.
The deadline for objection is Feb. 5, 2023.Â
Because the class has already been certified by the settlement, there is no exclusion deadline.Â
The final approval hearing for the settlement is scheduled for Feb. 23, 2023.
No claim form is required to receive settlement benefits. Class members will automatically receive their portion of the settlement fund without filing a settlement claim.
Who’s Eligible
Participants of the Coriant 401(k) plan who experienced a loss due to liquidation at market value of their Gibraltar Guaranteed Fund (GGF) investments
Potential Award
Varies
Proof of Purchase
No proof of purchase applicable
Exclusion Deadline
02/05/2023
Case Name
McCutchan, et al. v. Coriant Operations Inc., et al., Case No. 1:20-CV-00561, in the U.S. District Court for the Northern District of Illinois, Eastern Division
Final Hearing
02/23/2023
Settlement Website
Claims Administrator
Strategic Claims Services
600 North Jackson Street, Suite 205
Media, PA 19063
info@strategicclaims.net
866-274-4004
Class Counsel
Hugh D Berkson
McCARTHY LEBIT CRYSTALÂ & LIFFMAN CO LPA
Defense Counsel
R Bradford Huss
Clarissa A Kang
TRUCKER HUSS APC
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3 thoughts onCoriant 401(k) mismanagement $1M class action settlement
I tried to open an investigation by pushing the open investigation button however, I was just prompted to make sure that there wasn’t one open already but it never let me open one, so I’m just gonna write it in the space provided instead hope it gets to the right person. This all started with cricket and cox communications. And actually at the time I was working from home, so this affected me a lot more than I could have somebody else. I began having interruptions in my Internet about July- August 2021 or so. I was constantly having to clock out from work since they say they’re not responsible for paying because it’s not their fault which is taking away my paid hours because the Internet wasn’t working fast enough for me to work from. Eventually, I end up getting fired not only because of this, but various other reasons. The Internet issues continued, and with Covid. I do most of my stuff online on my phone important things like bill pay you name it, so this really affected me! I even upgraded plans with cricket, hoping that that would solve the Internet issues, speed or data wise. Even before this come to think of it when I was still working, I upgraded my plant from Cox as well. They recommended me to upgrade the plan even though I didn’t have more devices connected than I should have they told me I had to pay more per month and it would fix the issue. Of course it did not With either company I got on the highest paying plan from cricket still didn’t work, so cricket advised me to buy a new phone so I went to get a new phone and it worked for a little while but soon the same problems started arising. It seemed to be a manufacturing defect on the phone more than just Internet service problems. I was advised to get a new phone again, so I went ahead and do that again same issue. It starts acting up pretty quickly as a matter fact, I’m still waiting for the insurance from those funds to come through because those people keep on giving me the runaround telling me they’re gonna give me a check and then never do or tell me I have to call somebody different. So cricket sticks me with a large bill and I tell them I wanna discount I want this covered because I barely got Internet all month I could not get Internet I don’t wanna pay for this they refuse I pay it with no choice and not long there after I switched to a different carrier which now my Internet is working pretty reliably. But Cox as well stuck me with a huge bill and I have no idea how it got to be that big I was supposed to be just on one plan it was a set amount each month which was about 50 bucks. They stuck me with a $215 bill and I don’t know why I have no idea I spoke with several customer service representatives. They all pretty much told me to F off.
please add me
Please add me