How much was the $4 million ERISA recordkeeping fees settlement?
Koch ERISA Recordkeeping Fees Settlement – $4 Million To End Class Action Over 401 (K) Plans…
What is the Koch ERISA class action lawsuit?
Filed by David Kinder and others in a Georgia court, the Koch ERISA Class Action Lawsuit accused Koch Industries, Inc. and other defendants of overbilling their retirement plans due to purported recordkeeping expenses.
How do I get a settlement check from Koch ERISA?
Former retirement plan participants can join the settlement procedure in order to receive a settlement check by filing a form on or before the 27th of December 2021; The Koch ERISA Recordkeeping Fees Settlement’s final court hearing date is scheduled to take place on the 9th of December 2021.
How much did Koch pay to settle the lawsuit?
After considering the ongoing costs, time, and risks spent on defending themselves in court, the company has agreed to the settlement. As part of the Koch retirement plan class action lawsuit settlement agreement, the company will pay $4 million to resolve the claims in the class action.
Initial Details Of The David Kinder, et al. v. Koch Industries, Inc., et al. Class Action Settlement
Consider The Consumer has listed below the important details you need to know about this settlement case:
About The Company
Koch Industries, Inc. is a multinational company involved in making and selling different types of products and services ranging from fertilizers, chemicals, minerals, and many more. Based in Wichita, Kansas, the company is said to have made $115 billion in revenue in 2019.
How much did Koch Industries settle the ERISA lawsuit?
Koch Industries agrees to $4 million settlement in ERISA suit. Koch Industries agreed to pay $4 million to settle a lawsuit accusing the company of allowing the record keeper of its 401 (k) and other defined contribution plans to charge excessive fees in violation of ERISA.
Who filed the Koch Industries class action lawsuit?
The class action, filed July 16, 2020, by David Kinder and Tracy Scott , said that Koch Industries breached its fiduciary responsibilities as administrator of the $8.1 billion Koch Companies Defined Contribution Master Trust, by failing "to prudently and loyally monitor and control" the expenses incurred by the plans' record keeper, Alight Solutions. Alight was not named in the suit, Kinder et al. vs. Koch Industries Inc. et al.
This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
Koch and Georgia-Pacific Retirement Settlement Benefits
As part of the Koch retirement plan class action lawsuit settlement agreement, the company will pay $4 million to resolve the claims in the class action.
David Kinder, et al. v. Koch Industries, Inc., et al.
- Click to access David-Kinder-et-al.-v.-Koch-Industries-Inc.-et-al..pdf Filed by David Kinder and others in a Georgia court, the Koch ERISA Class Action Lawsuitaccused Koch Industries, Inc. and other defendants of overbilling their retirement plans due to purported recordkeeping expenses. Furthermore, Kinder argued that he and others got charged with higher recordkeeping fees com…
About The Company
- Koch Industries, Inc. is a multinational company involved in making and selling different types of products and services ranging from fertilizers, chemicals, minerals, and many more. Based in Wichita, Kansas, the company is said to have made $115 billion in revenue in 2019.
Editor’s Note on Koch ERISA Recordkeeping Fees Settlement
- This report features the settlement deal between Koch and different retirement plan beneficiaries and holders that were allegedly illegally charged with high fees. A similar settlement was also reached for the Lowe’s401K Lawsuit. What are your thoughts on this piece? Please send us a message by clicking the ‘Contact Us’ button below! We’d love to h...