CDI Corp. 401(k) Plan Holders To Receive Compensation In $1.8 Million Settlement Deal
A recent lawsuit settlement agreement will benefit those who took part in a CDI Corp. 401(k) savings plan nationwide after a $1.8 million payment was secured for distribution.
Adam R. Crawford, et al. v. CDI Corporation, et al.
Qualified Claimants Included In The Ongoing Settlement Process
The CDI 401K Settlement Agreement will cover eligible claimants who were or are currently enrolled in a 401(k) savings plan by CDI Corp. It will also include the immediate family members of the retirement fund members and/or their respective beneficiaries.
The latest settlement agreement stems from a class action lawsuit filed against CDI Corporation for its purported misdeeds. It is said that the defendant and its other cohorts have not lived up to its duty of care to its plan holders while managing the overall retirement savings plan fund.
Filed by plaintiff Adam R. Crawford, the class action contended that the company should have done more in negotiating for a smaller fee that was charged to the complainant and others with relation to the maintenance of their individual retirement plan accounts.
CDI Corp. reportedly held millions of dollars worth of assets during the class period that they could have used to ask for a reduced fee for its clients, but it didn’t.
Furthermore, it did not keep an eye on the fees and charges, which ended up hurting the 401K plan holders and their loved ones.
The defendants have vehemently denied any wrongdoing on their part and maintained that they are not accountable for the allegations thrown against them. Nevertheless, they agreed to pay a $1.8 million CDI 401K Settlement to end the class action launched against them.
Settlement Brief Of The Adam R. Crawford, et al. v. CDI Corporation, et al. Case
As of writing, the court has not rendered any judgment in favor of any of the parties involved in the Class Action Lawsuit.
Below are the important pieces of information you need to know in relation to the upcoming CDI 401K Settlement proceedings:
- Eligible claimants are those who have a balance in their CDI Corp. 401(k) savings plan accounts between the 7th of July 2017 to the 7th of July 2020;
- The close family members and other relatives and/or designated beneficiaries can benefit from the settlement agreement as well;
- The final settlement payment amount each qualified beneficiary can receive will depend on a number of factors involving their relation with CDI Corp. and its corporate retirement savings program;
- Claimants whose computed settlement payment is below $10 will not receive any compensation;
- No proof of purchase is necessary for this class action settlement; and
- The case’s final fairness hearing will be held on the 22nd of November, 2021.
Consider The Consumer will continue to bring you the latest updates regarding this case.
Editor’s Note on CDI 401K Settlement For $1.8 Million:
This report aims to give you the latest settlement information that would potentially benefit different people who have had a 401(k) retirement plan account with the company CDI Corp. You might also be interested in the Transamerica 401K Settlement.
Case Name(s) & No.: Adam R. Crawford, et al. v. CDI Corporation, et al.; Case No.: 2:20-cv-3317-CFK
Jurisdiction: United States (U.S.) District Court for the Eastern District of Pennsylvania
Allegation(s): CDI Corp. 401(k) plan holders’ rights were not prioritized by the defendants in the upkeep of retirement plan accounts.
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