$30 Million Verizon 401(k) Settlement Approved

On July 26, 2023, the Honorable Paul G. Gardephe granted preliminary approval of a settlement between Plaintiffs and Defendants in the case of Jacobs v. Verizon Communications Inc. et al. (Case Number: 1:16-cv-01082). The settlement includes a gross settlement amount of thirty million dollars ($30,000,000). The case was granted final approval on November 16, 2023.

The case originated on February 11, 2016. Represented by Edgar Law Firm LLC as co-lead counsel, Plaintiff filed the Complaint in the United States Southern District of New York. The Complaint included claims against the Verizon Defendants under ERISA §§ 502(a)(2) and 502(a)(3), 29 U.S.C. §§ 1132(a)(2), 1132(a)(3) for violation of ERISA’s duty of prudence in ERISA § 404(a), and 29 U.S.C. § 1104(a), seeking relief including damages and equitable remedies for the Plan.

On September 29, 2020, the Court certified a Class as follows: All participants or beneficiaries of the Verizon Savings Plan for Management Employees (the “Plan”) for the period of April 1, 2010 to August 1, 2016 excluding the Defendants, other VIMCO or Verizon employees with responsibility for the Plan’s investment or administrative functions, and members of the Verizon Board of Directors who had any portion of their Plan invested directly in the Global Opportunity Fund or indirectly in the Global Opportunity Fund through investment in any of the Verizon Target Date Funds.

The settlement participants will release claims arising from conduct or events occurring from August 1, 2010 to entry of the Preliminary Order:

That were asserted in the Action, or that arise out of, relate to, or are based on any of the allegations, acts, omissions, facts, matters, transactions, or occurrences that were alleged, asserted, or set forth in the Complaint, whether or not pleaded in the Complaint; or

That arise out of, relate to, are based on, or have any connection with (1) the selection, oversight, retention, or performance of the Plan’s investment options, including the Verizon Target Date Funds and the Global Opportunity Fund; or (2) disclosures or failures to disclose information relating to the Plan’s investment options, fees, costs, expenses, services, or service providers.

A settlement website, managed by the settlement administrator, will contain copies of all significant documents and pleadings in the matter, including but not limited to, the Complaint, the Settlement Agreement, and Court orders related to the settlement.

If you have questions about this settlement, please contact either the settlement administrator listed on any documents or outreach you have received, or you can contact Edgar Law Firm LLC to assist. Please call toll-free (888) 352-0338 or email John F. Edgar at [email protected].

If you have any questions, require any additional information, or would like to discuss a similar matter, please contact John F. Edgar toll-free at (888) 352-0338, or at [email protected]