The fairness hearing is scheduled for June 12 at 10 a.m. at the federal courthouse in Minneapolis.
During the hearing, attorneys representing the class will seek an award of legal fees not to exceed one-third of the $69 million settlement plus their out-of-pocket costs. Legal fees, administrative costs and a proposed incentive award up to $100,000 for the lead plaintiff will reduce total settlement funds available to class members.
Class members don’t need to do anything to receive payment, according to the settlement notice, nor do they need to attend the hearing. Those objecting to the settlement, however, must notify the court and attorneys in writing by May 29 and may speak during the June hearing if they wish.
If the court approves the settlement, class members will get the share of benefits to which they’re entitled, regardless of whether they objected.
“Class members do not have to submit claim forms in order to receive settlement benefits,” the settlement notice states. “The benefits of the settlement will be distributed after the court approves the settlement and/or after any appeals have been resolved in favor of the settlement.”
Current plan participants will receive their share in the form of a deposit into their plan accounts. Payments to former plan participants will be made directly by check unless they elect to receive funds via rollover to a qualified retirement account.