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Participants or beneficiaries of the Georgia-Pacific LLC Hourly 401 Plan, the Koch Industries Inc. Employees Savings Plan, or the Georgia-Pacific LLC 401 Retirement SavingsPlan may be eligible to receive a payment thanks to a recent $4 million Koch retirement plan class action lawsuit settlement.
Settlement Class Members include all participants or beneficiaries of the Georgia-Pacific LLC Hourly 401 Plan, the Koch Industries Inc. Employees Savings Plan, or the Georgia-Pacific LLC 401 Retirement Savings Plan between July 16, 2014, and Dec. 31, 2020.
In a class action lawsuit, plaintiffs allege the defendants overcharged them by deducting excess fees from their accounts under the guise of recordkeeping costs. Further, the plaintiffs say, the defendants failed to monitor and control recordkeeping expenses, which led to the plaintiffs being overcharged compared to what similarly sized plans would have paid for recordkeeping. As a result, the overage charges were unreasonable.
The company denies any wrongdoing, and it does not accept liability for the plaintiffs claims, arguing it has always taken its fiduciary duties seriously and has monitored, reviewed, and evaluated the recordkeeping expenses paid by the plaintiffs.
After considering the ongoing costs, time, and risks spent on defending themselves in court, the company has agreed to the settlement.
Koch Industries Agrees To $4 Million Settlement In Erisa Suit
Koch Industries agreed to pay $4 million to settle a lawsuit accusing the company of allowing the record keeper of its 401 and other defined contribution plans to charge excessive fees in violation of ERISA.
The preliminary settlement agreement, which was filed Monday in federal court in Atlanta, now awaits court approval.
The class action, filed July 16, 2020, by David Kinder and Tracy Scott, said that Koch Industries breached its fiduciary responsibilities as administrator of the $8.1 billion Koch Companies Defined Contribution Master Trust, by failing “to prudently and loyally monitor and control” the expenses incurred by the plans’ record keeper, Alight Solutions. Alight was not named in the suit, Kinder et al. vs. Koch Industries Inc. et al.
The complaint further said that Alight charged “up to six times more than what similarly sized plans would have paid for such services,” and that these actions cost the plans and their participants “millions of dollars in excessive fees.”
David Dziok, a spokesman for Koch Industries, and Kai H. Richter, a partner at the law firm Nichols Kaster PLLP and attorney for the plaintiffs, could not be immediately reached for comment.
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“A case is properly dismissed for lack of subject matter jurisdiction when the court lacks the statutory or constitutional power to adjudicate the case.” Home Builders Ass’n of Miss., Inc. v. City of Madison, 143 F.3d 1006, 1010 ). Pursuant to Rule 12, “the district court has the power to dismiss for lack of subject matter jurisdiction on any one of three separate bases: the complaint alone the complaint supplemented by undisputed facts evidenced in the record or the complaint supplemented by undisputed facts plus the court’s resolution of disputed facts.” Willoughby v. U.S. ex rel. U.S. Dep’t of the Army, 730 F.3d 476, 479 . Furthermore, a district court should dismiss where “it appears certain that the plaintiff cannot prove a plausible set of facts that establish subject-matter jurisdiction.” Venable v. Louisiana Workers’ Comp. Corp., ___ F.3d ___, 2013 WL 6857992 .
b) Standing and Spokeo
Standing is comprised of three essential elements. Spokeo, Inc. v. Robins, ___ U.S. ___, 136 S.Ct. 1540, 1547 . “The plaintiff must have suffered an injury in fact, that is fairly traceable to the challenged conduct of the defendant, and that is likely to be redressed by a favorable judicial decision.” Id. .
Whilst an injury may be intangible, i.e., incapable of being touched or lacking physical form, see Black’s Law Dictionary , it still must be present, and not merely conceptual or theoretical. See Lee v. Verizon Commc’ns, Inc., 837 F.3d 523, 530 .
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Submitted By : Submitted By : Submitted By :
Elza V Koch Industries Inc 16 F Supp 2d 1334
US District Court for the District of Kansas- 16 F. Supp. 2d 1334
16 F. Supp. 2d 1334 Joyce ELZA, Plaintiff,
United States District Court, D. Kansas.
*1335*1336 Marc P. Clements, Stephanie N. Scheck, Morrison & Hecker L.L.P., Wichita, KS, Alan L. Rupe, Husch & Eppenberger, Wichita, KS, for Plaintiff.
Mikel L. Stout, Foulston & Siefkin L.L.P., Wichita, KS, Mark V. Holden, Wade Warthen, Koch Industries, Inc., Wichita, KS, for Defendant.
MEMORANDUM ORDER
Joyce Elza sued Koch Industries, Inc., alleging she was discharged in violation of the Age Discrimination in Employment Act , 28 U.S.C. § 621, et seq., and the Kansas Age Discrimination in Employment Act, , K.S.A. 44-1111, et seq. Elza also brought related state express and implied contract and tort claims against Koch. Koch moves for summary judgment on all claims.
In response, plaintiff abandoned her express contract claim and her tort claims. Accordingly, Koch is granted summary judgment on those claims. Koch’s motion is denied in all other respects for the reasons that follow.
I. Summary Judgment Standard.II. Facts.
The following factual scenario is based on the relevant factual allegations of the parties, where undisputed or supported by appropriate citations to admissible evidence and with all reasonable inferences drawn in Elza’s favor.
2. Management does not notify employees of unsatisfactory work or give employees the opportunity to correct their errors before discharging employees
Dear Fellow Employee:
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