Plaintiff filed a class action complaint against Defendant Invesco Holding Company (US), Inc. and the other

Defendants on behalf of a class of Plan participants alleging that Invesco breached its fiduciary duties and committed prohibited transactions under ERISA by including investment options in the Plan that are affiliated with Invesco (“Affiliated Funds”). Specifically, Plaintiff alleged that Defendants breached their fiduciary duties by, among other things, including Invesco-managed investment options in the Plan and failing to engage in a prudent process to monitor the Plan’s investment options. A more complete description of what Plaintiff alleges is in the Amended Complaint for Liability Under ERISA, which is available here.

The Court has not decided in favor of either side in the case. Instead, both sides agreed to a settlement. That way, both sides avoided the cost and risk of a trial, and the affected current and former Plan participants will get substantial benefits that they would not have received if Plaintiff had litigated the case and lost. The Plaintiff and his attorneys think the Settlement is in the best interests for everyone who participated in the Plan during the Class Period.

The Court decided that everyone who fits this description is a member of the Class:

All current and former participants in the Plan who carried a positive account balance from May 25, 2012 to the date on which the Settlement is finally approved by the Court.

The Court has excluded from the Class Invesco Holding Company (US), Inc., Invesco LTD, Invesco National Trust Company, Invesco Advisers, Inc., the Invesco Benefits Plan Committee, Suzanne Christensen, John Coleman, Washington Dender, Peter Gallagher, David Genova, Douglas Sharp, Ben Utt, Gary Wendler, Kevin M. Carome, and Loren M. Starr.

If you meet the definition above, you are a member of the Class.

Class Members do not have to submit claim forms in order to receive settlement benefits. The benefits of the Settlement will be distributed automatically once the Court approves the Settlement, either to Class Members’ Plan accounts (for current Plan participants) or by check (for former Plan participants, and eligible Beneficiaries and Alternate Payees of Class Members.

Former Plan participants who would prefer to receive their settlement payment through a rollover to a qualified retirement account must complete, sign, and submit a Former Participant Rollover Form by July 28, 2020.

Former Plan participants who fail to complete, sign, and mail their Former Participant Rollover Form will receive their Settlement distribution by check.

For purposes of the Settlement, the Court has appointed lawyers from the law firm of Robbins Geller Rudman & Dowd LLP as Class Counsel. If you want to be represented by your own lawyer, you may hire one at your own expense.

From the beginning of the case, which was filed in May 2018, to the present, Class Counsel have not received any payment for their services in prosecuting the case or obtaining the Settlement, nor have they been paid for any litigation expenses they have incurred. Class Counsel will apply to the Court for an award of attorneys’ fees not to exceed 33% of the $3,470,000.00 settlement amount plus their litigation expenses in an amount not to exceed $150,000 incurred in the prosecution of the case. The Court will determine the proper amount of any attorneys’ fees and expenses to award Class Couns

Any attorneys’ fees and expenses awarded by the Court will be paid to Class Counsel from the $3,470,000 settlement fund. Class Members will not have to pay anything toward the fees or expenses of Class Counsel.

If the Court approves the Settlement, you will be bound by it and will receive whatever benefits you are entitled to under its terms. You cannot exclude yourself from the Settlement, but you may notify the Court of your objection to the Settlement. If the Court approves the Settlement, it will do so under Federal Rule of Civil Procedure 23(b)(1), which does not permit Class Members to opt out of the Class.

If you have further questions, you may call the Settlement Administrator toll-free at 1-888-970-3711 or write to them at:

Invesco 401(k) Plan Settlement Administrator
P.O. Box 2003
Chanhassen, MN 55317-2003