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This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
COLUMBIA UNIVERSITY SETTLEMENT UPDATE:
- The Court granted final approval to this class action settlement Oct. 13, 2021.
- Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.
Columbia University’s retirement plan participants may be eligible to benefit from a $13 million class action settlement agreement.
This Class includes all participants and beneficiaries of the Retirement Plan for Officers of Columbia University and the Columbia University Voluntary Retirement Savings Plan from Aug. 10, 2010, through March 31, 2021.
Plaintiffs in a class action lawsuit claimed Columbia University violated the Employee Retirement Income Security Act (ERISA) through its management, administration, and management of the 403(b) plans, including allowing excessive fees and imprudent investments.
Columbia University had more than 18,000 full-time staff members and more than 4,000 full-time faculty as of fall 2020.
There are an estimated 30,000 Class Members, according to the settlement notice.
The school’s trustees have denied all allegations of wrongdoing, and the Court has not ruled in favor of either party.
Columbia University 403(b) Plan Settlement Benefits
After attorneys’ fees and other expenses are deducted, Class Members will receive a proportionate share of the settlement fund.
The individual payment amounts for Class Members who are considered current plan participants will be based on records kept by the plans’ record keepers.Â
If as of March 31, 2021, the Class Member no longer had a plan account or their account had no money in it, they will be considered a former participant, and their payment will be based on their Former Participant Claim Form.
The settlement administrator will perform the calculations for individual distributions.
To be eligible to receive a payment, the Class Member must be a current or former participant or a beneficiary, alternate payee, or an attorney-in-fact of the participant.
Any payment amount that calculates at $10 or less will not be distributed because it would cost more to process than its value.
No payments will be distributed until the Court grants final approval and any appeals are resolved.
A final fairness hearing in the Columbia University 403(b) plan settlement will take place Oct. 12, 2021.
Those who wish to object to the settlement must do so by Sept. 12, 2021.
Current plan participants do not need to take any action to benefit from the settlement.
However, former plan participants must submit a Former Participant Claim Form online or postmarked by Sept. 28, 2021, in order to receive a portion of the net settlement amount.
Who’s Eligible
This Class includes all participants and beneficiaries of the Retirement Plan for Officers of Columbia University and the Columbia University Voluntary Retirement Savings Plan from Aug. 10, 2010, through March 31, 2021.
Potential Award
Varies
Proof of Purchase
A completed Substitute IRS Form W-9
Former Participant Claim Form
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.
Former Participant Claim Form Deadline
09/28/2021
Case Name
Cates v. the Trustees of Columbia University in New York, Case No. 16-CV-06524 in the United States District Court for the Southern District of New York
Final Hearing
10/12/2021
Settlement Website
Claims Administrator
Columbia University 403(b) Settlement Administrator,Â
1650 Arch St. Suite 2210,Â
Philadelphia, PA 19103
844-292-2217
Class Counsel
Andrew D. Schlichter
Jerome J. Schlichter
Heather Lea
Joel D. Rohlf
Nathan H. Emmons
SCHLICHTER BOGARD & DENTON LLP
Defense Counsel
E. Brantley Webb
Michelle N. Webster
MAYER BROWN LLP
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One thought on Columbia University 403(b) Plans $13M Class Action Settlement
Please add me to this class action against COLUMBIA UNIVERSITY case 16-cv-06524. Thanks !