Xerox Inks $4.1 Million Deal Over In-House 401(k) Recordkeeper

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Dec 27 2022

Nichols Kaster PLLP, acting as lead counsel with Garrison, Levin-Epstein, Fitzgerald & Pirrotti serving as their local counsel, filed a lawsuit last year on behalf of plaintiffs Chris Carrigan, Michael Venti, and Sylvain Yelle against the Xerox Corporation Plan Administrator Committee and John Does 1-30 for breaching their fiduciary duties. Now, Xerox will have to pay $4.1 million dollars into a common fund for the class’s benefit in the suit’s proposed settlement.

“This is a significant recovery for the Class compared to the claims that were alleged, and it falls well within the range of negotiated settlements in similar ERISA cases. The Settlement also provides for meaningful prospective relief, as Defendants have agreed to retain an independent consultant to assist them in ensuring that the Plan’s recordkeeping fees remain competitive in the future by means of a request for proposal, fee benchmarking study, or other comparative analysis.”

Learn more about the lawsuit and settlement here.

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