One week after a federal court judge in Boston ruled against most ERISA claims filed by current and former participants against Schneider Electric Holdings Inc. and its 401(k) plan fiduciaries, the parties reached a $200,000 settlement, according to a notice filed with the court Wednesday.
The only pending allegations in Turner et al. vs. Schneider Electric Holdings Inc. et al. had been related to investment fees charged by four Vanguard Group mutual funds.
For all other claims, U.S. District Court judge Nathaniel M. Gorton had granted the request by the company and its fiduciaries for summary judgment against the plaintiffs. He also granted summary judgment to Aon, the plan's investment consultant, removing it from the case.
A motion for summary judgment is usually filed after the parties have completed discovery, giving a judge the opportunity to review details of a case. A motion to dismiss, usually requested soon after a complaint is filed, argues that the plaintiff has failed to state a claim.
The settlement document said a more detailed agreement will be prepared and presented to the judge for approval within 45 days, covering such issues as determining which participants are affected by the settlement and hiring a settlement administrator.
The initial complaint against Schneider and Aon was filed in May 2020.
As of Dec. 31, 2021, the Schneider Electric 401(k) Plan, Westmont, Ill., had $5.2 billion in assets, according to its latest Form 5500 filing.
