Biogen Inc. agreed to a nationwide $9.75 million class action lawsuit settlement over its handling of an employee 401(k) program under accusations the company violated the federal Employee Retirement Income Security Act of 1974 (ERISA).
Biogen is accused of violating ERISA by not disclosing the expenses and risks of the plans investment options, allowing unreasonable charges for plan participants and approving high-cost and poor-performing investments.
Biogen is a biotechnical company that works on potential therapies involving neurology, neuropsychiatry, specialized immunology and rare disease. As of Dec. 31, 2018, the Biogen 401(k) plan had 6,720 participants with account balances and assets totaling over $1 billion, placing it in the top 0.1% of all 401(k) plans by plan size.
The amount that each plan participant will receive under the Biogen settlement will vary based upon how much each individual had invested in two categories, Fidelity Freedom Funds or Other Challenged Funds.
Biogen 401(k) Class Action Lawsuit
- Who’s Eligible:
- Any Biogen Inc. 401(k) participant, former participant, beneficiary or alternate payee of a participant or former participant at any time on or after July 14, 2014, through and including Aug. 31, 2023.
- Estimated Amount: Varies
- Proof of Purchase: N/A
- Claim Form Deadline: 12/29/2023
- Case Name & Number:
- In re: Biogen Inc. ERISA Litigation, Case No. 1:20-cv-11325-DJC, in the U.S. District Court for the District of Massachusetts
- How to file a claim:
- Head over to the Claim Form.
- Read over the claim form to see if you are eligible.
- Complete the claim form with your info.
- Submit your claim form to receive your potential award!
(Click here to file a claim)
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Bottom Line
Don’t forget to take a look at our full list of Class Action Lawsuit Settlements! Be sure to give our list of No-Proof Class Action lawsuit to see other settlements you may qualify for.
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