Omnicom 401(k) ERISA $2.45M class action settlement

Omnicom Group agreed to a $2.45 million settlement to resolve claims that it mismanaged an employee 401(k) retirement plan, in violation of the Employee Retirement Income Security Act (ERISA).

The settlement benefits participants, beneficiaries and participants of the Omnicom Group Retirement Savings Plan between May 29, 2014, and July 5, 2023, whose funds were invested in Fidelity Freedom Funds and who had an annual recordkeeping fee paid by the plan each year.

According to the ERISA class action lawsuit, Omnicom failed to disclose the expenses and risks of its retirement plan’s investment options. As a result, participants allegedly paid “unreasonable expenses” for administration and lost money due to high-cost, poorly performing investments. 

Omnicom Group is a global marketing communications company. 

Omnicom hasn’t admitted any wrongdoing but agreed to a $2.45 million settlement to resolve the ERISA class action lawsuit.

Under the terms of the Omnicom settlement, class members can receive a payment based on their account details. 

Current participants, beneficiaries and alternate payees will receive their share of the settlement as a deposit into their investment accounts. Former participants, beneficiaries and alternate payees will receive their share of the settlement either as a check or a tax-qualified rollover. 

The 401(k) class action lawsuit settlement is mandatory, so there is no exclusion deadline. The deadline for objection is Nov. 1, 2023.

The final approval hearing for the Omnicom settlement is scheduled for Dec. 1, 2023.

Active participants, beneficiaries and alternate payees do not need to file a claim in order to receive settlement benefits. 

Former participants, beneficiaries and alternate payees must submit a valid claim form by Nov. 2, 2023.

Who’s Eligible

Participants, beneficiaries and participants of the Omnicom Group Retirement Savings Plan between May 29, 2014, and July 5, 2023, whose funds were invested in Fidelity Freedom Funds and who had an annual recordkeeping fee paid by the plan each year

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

11/02/2023

Case Name

In re: Omnicom Group Inc. ERISA Litigation, Case No. 1:20-cv-04141-CM, in the U.S. District Court for the Southern District of New York

Final Hearing

12/01/2023

Settlement Website

StrategicClaims.net/OGI401k

Claims Administrator

Omnicom Group 401(k) Settlement Administrator
c/o Strategic Claims Services
600 North Jackson Street, Suite 205
Media, PA 19063

Class Counsel

Laurie Rubinow
Alec J Berin
MILLER SHAH LLP

Defense Counsel

Peter A Wald
Jeff G Hammel
Heather A Waller
LATHAM & WATKINS LLP