Genentech 401(k) fees $250K class action settlement

Genentech has agreed to a $250,000 settlement to resolve a class action lawsuit that claimed the company charged excessive record-keeping fees in relation to its 401(k) program. 

The settlement class is made up of current and former participants, or beneficiaries or alternate payees of a participant or former participant, in Genentech’s U.S. Roche 401(k) Savings Plan at any time between Oct. 2, 2014, and Jan. 12, 2024.

The plaintiffs in a class action lawsuit alleged Genentech allowed unreasonable recordkeeping and administrative expenses to be charged to the plan while simultaneously selecting high-cost and poorly performing investments when more prudent investments were available. By doing this, Genentech allegedly breached its fiduciary duties under the Employee Retirement Income Security Act (ERISA).

Genentech is a biotechnology company dedicated to discovering and developing medicines for people with serious and life-threatening diseases. The company’s 401(k) plan covers nearly 40,000 employees.

Class members can receive a cash payment from the Genentech class action settlement.

Class members who are current plan participants or beneficiaries or alternate payees of current participants do not need to take action to receive a payment directly to their investment accounts.

Former plan participants or beneficiaries or alternate payees of former participants who do not have an active account plan must submit a former participant claim form to receive a check.

The payment amount will be determined depending on the amount remaining in the settlement fund after administrative expenses and other costs are deducted. 

The deadline to opt out of or object to the settlement is May 14, 2024.

A final fairness hearing in the Genentech 401(k) class action settlement will take place June 13, 2024.

Claim forms must be submitted by May 13, 2024.

Who’s Eligible

The settlement class is made up of current and former participants, or beneficiaries or alternate payees of a participant or former participant, in Genentech’s U.S. Roche 401(k) Savings Plan at any time between Oct. 2, 2014, and Jan. 12, 2024.

Potential Award

TBD

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

05/13/2024

Case Name

Matthew Wehner, et al. v. Genentech Inc., et al., Case No. 3:20-cv-06894 RS, in the U.S. District Court for the Northern District of California

Final Hearing

06/13/2024

Settlement Website

StrategicClaims.net/genentech401k

Claims Administrator

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

Class Counsel

Laurie Rubinow
Alec J Berin
MILLER SHAH LLP

Defense Counsel

Christian Nemeth
Alex M Spisak
MCDERMOTT WILL & EMERY LLP