Top Class Actions  |  April 14, 2022

Category: Closed Class Actions

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This settlement is closed!

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Illustrative Editorial of T Rowe Price website homepage.
(Photo Credit: Pavel Kapysh/Shutterstock)

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

  1. Cathy S Brooks says:

    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

  2. SHAWN HOLMES says:

    Please add me!

  3. Nicole leon says:

    Add me so I can fill a form out

  4. Donna DeFrances says:

    Please add me

  5. Jolynn Lewis says:

    I have an account! Still having it! I will definitely be looking into this. I should have rolled this over.

  6. Eric Dietz says:

    I had T Rowe account. Servicemaster employee. Don’t see where to file claim.

  7. JJ says:

    Add me too please

  8. Angela K LaRose says:

    Add me

  9. Nate says:

    Add me

  10. Carolyn J Milton says:

    Add me

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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.