NEW YORK, May 14, 2021 /PRNewswire/ -- The following is being released by Zamansky LLC about the lawsuit Jander v. Retirement Plans Committee of IBM, No. 1:15-cv-03781 in the United States District Court for the Southern District of New York.
A Settlement has been preliminarily approved by a federal court in a class action lawsuit against the Retirement Plans Committee of IBM and certain individuals, alleging breaches of fiduciary duties under the Employee Retirement Income Security Act of 1974 ("ERISA"). A Qualified Settlement Fund consisting of Four Million Seven Hundred and Fifty Thousand Dollars ($4,750,000.00) in cash is being established in the Action. The Qualified Settlement Fund, including accrued interest, after payment of any taxes, expenses, approved attorneys' fees and costs and a Case Contribution Award to the Named Plaintiffs (after deductions, the "Net Settlement Fund"), will be allocated to Settlement Class members according to a Plan of Allocation to be approved by the Court. All capitalized terms not otherwise defined in this Summary Notice have the meaning provided in the Amended Class Action Settlement Agreement and Release (the "Amended Settlement Stipulation") available on the Settlement website identified below. If you qualify, you will receive an allocation without taking any further action. You do not need to send in a claim or take any other action to participate in the Settlement. The United States District Court for the Southern District of New York authorized this Notice.
WHO IS INCLUDED IN THE SETTLEMENT?
If you were a participant in the Plan at any time from January 21, 2014 through and including October 20, 2014, or if you were a beneficiary of any such participant, and your Plan account included investments in the IBM Stock Fund, then you are a member of the Settlement Class (a "Settlement Class member").
WHAT IS THIS CASE ABOUT?
Plaintiffs claim that Defendants breached their fiduciary duties under ERISA because Defendants knew or should have known that the Plan's investment in the IBM Stock Fund was imprudent, and by other related acts during the Settlement Class Period. Plaintiffs' allegations are described in more detail in the Complaint available on the Settlement website identified below. All Defendants deny any and all wrongdoing and believe that if the case continued, Defendants would prevail. Both sides agreed to the Settlement to avoid the cost and risk of further litigation.
WHAT DOES THE SETTLEMENT PROVIDE?
A Qualified Settlement Fund of $4.75 million will be divided among eligible Settlement Class members after payment of attorneys' fees to Class Counsel, a Case Contribution Award to the Named Plaintiffs, payment of other costs and expenses of the Settlement, including notice and settlement administration, as the Court may allow, and any taxes. The Amended Settlement Stipulation, other related documentation, and a list of frequently asked questions are available at the Settlement website identified below, and further describe the details of the proposed Settlement. Your share (if any) of the Net Settlement Fund will depend upon the amount of IBM Stock Fund shares you acquired and sold in your Plan account(s) during the Class Period, as described in the Plan of Allocation which the Court has preliminarily approved. While there is nothing you have to do to receive a Settlement distribution, if any, pursuant to the Settlement, the amount to which you are entitled, if anything, cannot be determined until after the Court has finally approved the Settlement. At that time, the Plan's records and a formula approved by the Court will be used to calculate each Settlement Class member's distribution, if any, under the Settlement.
If the Settlement is approved by the Court, all Settlement Class members and anyone claiming through them shall be deemed to fully release the "Defendants' Releasees" from "Plaintiffs' Released Claims." Defendants' Releasees are broadly defined in the Amended Settlement Stipulation, and include, among others, the Defendants and IBM, and any and all of their related entities, and any and all of their officers, directors, employees, attorneys, insurers, reinsurers, agents, successors, assigns, heirs, executors and administrators. Plaintiffs' Released Claims, which also are broadly defined in the Amended Settlement Stipulation, include, among others, any and all claims which were or could have been asserted in the Action. This means that Settlement Class members will be enjoined from and will not have the right to sue the released persons for anything related to the investment of Plan assets in the IBM Stock Fund or related matters during the Class Period.
HOW DO I RECEIVE A PAYMENT?
If you are a Settlement Class member and are entitled to a share of the Net Settlement Fund according to the Amended Settlement Stipulation and Plan of Allocation, you are not required to do anything to receive a payment. If you are a Settlement Class member with an active Plan account, the payment will be made directly to your Plan account in accordance with investment elections currently in effect, or, if no such elections have been made, into the Plan's qualified default investment alternative. If you are a Settlement Class member without an active Plan account, the payment will be made to you by the Settlement Administrator. If your address has changed since you closed your Plan account, please contact Class Counsel toll-free at (866) 759-6517 to advise them of the change of address.
CAN I OBJECT TO OR OPT OUT OF THE SETTLEMENT?
You do not have the right to exclude yourself from the Settlement in this case, but you do have the right to object by writing to the Court. You will be bound by any judgments or orders that are entered in this Action, and if the Settlement is approved, you will be deemed to have released all of the Defendants' Releasees from all claims that were or could have been asserted in this case, other than your right to obtain the relief provided to you, if any, by the Settlement.
The Court will hold a telephonic Fairness Hearing in this case at 11:00 a.m. on July 21, 2021, to consider whether to approve the Settlement and a request by the lawyers representing all Settlement Class members for attorneys' fees and for reimbursement of other case-related expenses, and for a Case Contribution Award to the Named Plaintiffs. If approved, these amounts will be paid from the Qualified Settlement Fund. You may ask to speak at the hearing by filing a Notice of Intention to Appear by July 14, 2021, but you are not required to do so. The dial-in number for the telephonic hearing is 866-342-8588 and the confirmation code is 55188.
Although you cannot opt out of the Settlement, you may object to all or any part of the Settlement in accordance with the instructions included in the Class Notice available at the Settlement website identified below. Objections must be postmarked, or if not sent by United States Postal Service, received by the Court by July 14, 2021. Please note that the time, place and date of the hearing may change without a further mailing. Class Counsel will update the Settlement website identified below if the hearing time or location is changed. Please check the website or contact Class Counsel if you wish to confirm that the hearing time and place has not been changed.
HOW DO I GET MORE INFORMATION?
If you are a Settlement Class member and would like to receive additional information or to receive a copy of the long-form Notice of Proposed Settlement of Class Action and Fairness Hearing, call toll-free (866) 759-6517 or visit www.JandervIBMSettlement.com.
SOURCE Zamansky LLC