Nov 26, 2019
Pennsylvania Supreme Court Rejects Fluctuating Work Week Method The PA Supreme Court ruled that the “Fluctuating
Feinstein Doyle Payne & Kravec, LLC, as Interim Co-Lead Class Counsel with Keller Rohrback L.L.P., is pleased to announce the approval of the ERISA settlement in In re Regions Morgan Keegan ERISA Litigation, pending in the United States District Court for the Western District of Tennessee (Memphis Division).
The settlement provides for the payment of $22,500,000 allocated as follows:
65.555% In House Plans Regions Stock Settlement Subclass
10.667% In-House Plans Excessive Fee Settlement Subclass
15.111% In-House Plans Bond Fund Settlement Subclass
10.667% Customer Plans Settlement Subclass
Click here to review the Final Approval Order: Final Approval Order
FDPK’s Ellen Doyle and Joel Hurt filed the lawsuit in March 2008. The lawsuit involved ERISA claims against the Regions Defendants made by participants in Regions’ In-House retirement plans and more than 450 customer plans for which the defendants provided trustee, custodial, investment advisory or investment management services.
The ERISA claims asserted by the In-House plan participants arose from allegedly imprudent plan investments in Regions Stock, Regions Morgan Keegan proprietaryMutual Funds and RMK Bond Funds. The claims asserted by the Customer Plans arose from investment in the RMK Bond Funds.
The ERISA settlement resolved claims by four Subclasses, three for the In-House Plans and one for the Customer Plans, which the Court preliminarily certified for settlement purposes. The settlement provides recovery of needed retirement funds for all class members.
Settlement website: http://www.rmkerisasettlement.com/