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This settlement is closed!
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T. Rowe Price agreed to pay $7 million to resolve claims it violated the Employee Retirement Income Security Act of 1974 (ERISA) by mismanaging its employee retirement plan.
The settlement benefits participants and beneficiaries of the T. Rowe Price U.S. Retirement Plan who had a balance in their account between Feb. 14, 2011, and Jan. 18, 2022. Balances must have been in one of 39 specific funds. A full list is available on the settlement website.
T. Rowe Price is an investment management firm that manages $1.68 trillion in assets. According to the company’s website, T. Rowe Price employs over 800 investment professionals around the world.
Despite its expertise in investment management, T. Rowe Price allegedly mismanaged its own employees’ retirement fund.
According to the retirement class action lawsuit, T. Rowe Price invested employee retirement savings solely in its own funds. These investments enriched T. Rowe Price through the high fees associated with the proprietary funds, the plaintiffs contend.
The plan participants argue T. Rowe Price violated its fiduciary duties under ERISA by investing into its own proprietary funds instead of better performing funds with lower fees. Plaintiffs say that they are owed financial compensation for T. Rowe Price’s “corporate self-sealing at the expense of the retirement savings of company employees.”
T. Rowe Price hasn’t admitted any liability in the case but agreed to resolve the plan participants’ allegations with a $7 million class action settlement.
Under the terms of the settlement, Class Members can collect a payment. Payments will be at least $20, but exact amounts will vary depending on the amount each Class Member invested in T. Rowe Price retirement funds.
Former plan members will receive their payment as a check while current plan participants will have their payment allocated to their retirement plan account.
In addition to providing payments, the settlement provides non-monetary benefits. T. Rowe Price agreed to add a brokerage window feature to its retirement plan to allow participants greater investment options.
Class Members do not have the option to opt out of this settlement. Because the complaint was certified as a class action lawsuit, Class Members are bound by the settlement terms.
The deadline for objection is April 26, 2022.
The final approval hearing for the settlement is scheduled for May 24, 2022.
No claim form is required to benefit from the settlement. Class Members will automatically receive a cash payment from the settlement after final approval.
Who’s Eligible
The settlement benefits participants and beneficiaries of the T. Rowe Price U.S. Retirement Plan who had a balance in their account between Feb. 14, 2011, and Jan. 18, 2022. Balances must have been in one of 39 specific funds. A full list is available on the settlement website.
Potential Award
Varies
Proof of Purchase
No proof of purchase applicable.
Claim Form
Claim form not required.
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.
Objection Deadline
04/26/2022
Case Name
Feinberg et al. v. T. Rowe Price Group, Inc., et al., Case Number 1:17-cv-00427-JKB, in the U.S. District Court, for the District of Maryland
Final Hearing
05/24/2022
Settlement Website
Claims Administrator
In re T. Rowe Price 401(k) Plan Litigation
c/o Rust Consulting, Inc. – 6924 PO Box 54
Minneapolis, MN 55440-0054
info@TRP401kSetlement.com
877-456-1184
Class Counsel
J Brian McTigue
James A. Moore
MCTIGUE LAW LLP
Mary J Bortscheller
COHEN MILSTEIN SELLERS & TOLL PLLC
Defense Counsel
Brian D Boyle
O’MELVENY & MYERS LLP
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20 thoughts onT. Rowe Price Retirement Plan Mismanagement $7M Class Action Settlement
T. Rowe Price IRAs I purchased from 1984 to 2001 were stolen by my ex husband and I want them back. They were in the name Cathy Raines Brooks and addressed to. 518 Mill Place Court Sugarland TX 77478 or 935 Eldridge Road Sugar Land TX 77478
Please add me!
Add me so I can fill a form out
Please add me
I have an account! Still having it! I will definitely be looking into this. I should have rolled this over.
I had T Rowe account. Servicemaster employee. Don’t see where to file claim.
Add me too please
Add me
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