THOUSANDS could be eligible to claim money from a $20 million settlement.
agreed to a $20 million settlement to resolve allegations of violations of the Employee Retirement Income Security Act, ERISA.
The settlement stems from allegations that it illegally reduced pension benefits for laid-off employees.
Addresses claims raised in a lawsuit citing violations of ERISA, for Talen Energy Retirement Plan participants between June 1, 2015 and December 5, 2019.
Energy and infrastructure company, Talen Energy did not admit wrongdoing, but opted for an agreement to resolve the legal dispute.
Payments could range from $4,000 to $365,759 for about 200 workers who were laid off, for Bloomberg Law.
Under the agreement, payments will be distributed based on class membership, categorized into Group One and Group Two members.
Group One consists of laid-off individuals and will equally divide the remaining liquidation fund after the members of Group Two.
Members of Group Two who were not fired and ineligible for the disputed benefits will receive a lump sum payment of $4,000 each.
Class members are advised to consider consulting tax professionals regarding the tax implications of their settlement payments.
Notably, there is no opt-out period for participation in this agreement.
Class members are not required to complete a claim form to receive settlement payment.
However, they must submit a rollover form by July 1, 2024, if they intend to transfer their settlement to an existing retirement account.
MORE SETTLEMENTS
Under Armor has agreed to pay a $434 million settlement following a 2017 class action lawsuit against the brand.
Plaintiffs in the lawsuit alleged that the company misled shareholders about growing its revenue to meet Wall Street expectations.
The proposed $434 million settlement is pending court approval and will affect Under Armor shareholders.
Under Armour, publicly traded under the ticker symbol UAA, is included in many Americans’ retirement plans and brokerage accounts.
What is a class action settlement?
Class action lawsuits offer groups of people, or “classes,” a way to come together in court.
These lawsuits are often filed by one or a few people who allege that a company or other entity has harmed a large group of people.
When a lawsuit becomes a class action, it extends to all “class members,” or people who may have similar claims to those who filed the lawsuit.
Companies often settle class actions – offering payment to class members who typically waive their right to pursue legal action by accepting money.
These payment agreements often include statements from the defendant denying wrongdoing. Companies tend to settle class actions to avoid the costs of further litigation.
Pollution, discrimination or false advertising are some examples of what can lead to a class action lawsuit at a company’s door.
Americans are also eligible to claim payments and benefits of up to $600 as part of a deal with a fitness equipment company.
To receive payment, eligible customers just need to fill out a form.
iFit also agreed to settle a class action lawsuit alleging it sold NordicTrack and ProForm workout equipment with defective touchscreen consoles.
The lawsuit claims that these consoles failed due to mandatory iFit updates.
As a result of the agreement, consumers can receive compensation for repairs or benefit from refunds and credits related to alleged defects in the machines.
Meanwhile, Amazon has agreed to settle a class action lawsuit against them with a $3 million award.
And Capital One bank customers could get a share of a $16 million settlement.
This story originally appeared on The-sun.com read the full story
