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Walgreens 401K Settlement For $13.75 Million

Class Action Settlements

Walgreens 401K Settlement For $13.75 Million – Workers To Get Compensated Over Improper Retirement Plans

Court Yet To Allow Walgreens 401K Class Action Settlement Agreement To Push Through

Former and current Walgreens workers have forwarded a proposed $13.75 settlement agreement to an Illinois court asking for approval for the 401K Class Action to push through. 

Settlement Deal Submitted To Court For Approval 

Headed by Chandra V. Brown-Davis, the plaintiffs and eligible claimants in the Walgreens 401k Class Action Lawsuit are asking the court to greenlight the settlement provisions for the whole process to carry on. 

According to the settlement agreement document submitted to the court, Walgreens and its cohorts will allocate more than $13 million as a Walgreens 401K Settlement fund that will be distributed to eligible Class Members. 

In addition, the company Northern Trust Focus Target Retirement Trusts will be removed from the Walgreens 401k Employee Funds plan. A new investment adviser will be ushered in as a replacement to the mentioned entity. The new agent will take over as the prime organization tasked with providing monitoring services for the employees’ 401k funds. 

The Illinois court tasked with handling the request is yet to release its decision of whether to grant the settlement approval request or not. 

Yet, the plaintiffs in the case are confident that the judge will grant the pleading, claiming that the deal’s provisions easily satisfy the necessary requirements for obtaining preliminary approval status. 

Stay tuned here on Consider The Consumer for more updates surrounding the Walgreens 401K Settlement

Chandra V. Brown-Davis, et al. v. Walgreen Co., et al. 

The Walgreens 401k Class Action Lawsuit is a legal case hurdled against the pharmacy company and retailer Walgreens after it purportedly redirected its employees’ 401k plan funds to poor fund opportunities. 

In particular, the class action specifically pinpointed Northern Trust Focus Target Retirement Trusts as the poor performer who has access to the Walgreens’ employees 401k funds for an extended period of time. 

Alleged to have acted against its workers’ best interests, the company is accused of violating the ERISA or Employee Retirement Income Security Act.   

Editor’s Note on Walgreens 401K Settlement For $13.75 Million:  

This news provides you with information about the latest petition by Walgreens workers for the court’s approval of the settlement deal to lay the 401k Funds issue to rest.      

Case Name(s) & No.: Chandra V. Brown-Davis, et al. v. Walgreen Co., et al.; Case No.: 1:19-cv-05392

Jurisdiction: United States (U.S.) District Court for the Northern District of Illinois 

Allegation(s): Walgreens employees’ 401k funds were invested in poor-performing funds, which ended up violating the law.      

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