Biogen 401(k) $9.75M class action settlement

Biogen Inc. agreed to a nationwide $9.75 million class action lawsuit settlement over its handling of an employee 401(k) program under accusations the company violated the federal Employee Retirement Income Security Act of 1974 (ERISA).

The class includes any Biogen Inc. 401(k) participant, former participant, beneficiary or alternate payee of a participant or former participant at any time on or after July 14, 2014, through and including Aug. 31, 2023.

Biogen is accused of violating ERISA by not disclosing the expenses and risks of the plans investment options, allowing unreasonable charges for plan participants and approving high-cost and poor-performing investments.

Biogen is a biotechnical company that works on potential therapies involving neurology, neuropsychiatry, specialized immunology and rare disease. As of Dec. 31, 2018, the Biogen 401(k) plan had 6,720 participants with account balances and assets totaling over $1 billion, placing it in the top 0.1% of all 401(k) plans by plan size.

The amount that each plan participant will receive under the Biogen settlement will vary based upon how much each individual had invested in two categories, Fidelity Freedom Funds or Other Challenged Funds.

The settlement administrator will give current and former plan participants settlement allocation scores based upon year-end account balances and will then calculate how much each participant is entitled to according to that score.

The objection deadline is Dec. 22, 2023.

A final fairness hearing in the Biogen ERISA class action lawsuit settlement will take place Jan. 24, 2024.

The claim form deadline is Dec. 29, 2023.

Who’s Eligible

Any Biogen Inc. 401(k) participant, former participant, beneficiary or alternate payee of a participant or former participant at any time on or after July 14, 2014, through and including Aug. 31, 2023.

Potential Award

Varies

Proof of Purchase

N/A

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.

Claim Form Deadline

12/29/2023

Case Name

In re: Biogen Inc. ERISA Litigation, Case No. 1:20-cv-11325-DJC, in the U.S. District Court for the District of Massachusetts

Final Hearing

01/24/2024

Settlement Website

StrategicClaims.net/Biogen401k/

Claims Administrator

401k Settlement Administrator
c/o Strategic Claims Services
600 N. Jackson St.
Suite 205
Media, PA 19063
info@strategicclaims.net
866-274-4004

Class Counsel

Laurie Rubinow
Alec J Berin
MILLER SHAH LLP

Defense Counsel

Stacey C S Cerrone 
Lindsey H Chopin 
JACKSON LEWIS PC