Call Us: 1.800.873.5297


Schlichter, Bogard & Denton 401(k) Excessive Fee Claim Against International Paper Granted Preliminary Approval

Schlichter, Bogard & Denton 401(k) Excessive Fee Claim Against  International Paper Granted Preliminary Approval

On October 10, 2013, St. Louis law firm Schlichter, Board & Denton obtained preliminary approval of a $30 million settlement with International Paper Company regarding its 401(k) fee class action in Pat Beesley, et al., v. International Paper Company, et al., Case No. 06-703, in the U.S. Federal Court for the Southern District of Illinois.

The case, which has been pending since September of 2006, involves allegations that the fiduciaries responsible for overseeing International Paper’s hourly and salaried workers’ 401(k) Plans breached their duties resulting in excessive fees, treating the 401(k) Plans differently from the company’s pension plan, and by imprudently selecting funds in the plans.

The parties announced the settlement earlier this month.

In addition to the payment of $30 Million, the settlement also provides that International Paper will undergo 4 years of monitoring of its 401(k) Plans, will put out for bids its recordkeeping, and take other steps to improve the 401(k) Plans for employees and retirees.

Jerome Schlichter of Schlichter, Bogard & Denton, attorney for the employees and retirees in the 401(k) Plans, stated: “The Court’s decision to preliminarily approve the settlement is the first step in benefitting the International Paper employees and retirees both with the money they will receive and the top notch 401(k) plan they will have going forward.”

Mr. Schlichter and the Schlichter, Bogard & Denton firm have been at the forefront of the 401(k) litigation that has contributed to lower fees and improved fee disclosure for workers and retirees across the country.  In addition to the settlement with International Paper, the firm recently settled a case on behalf of Cigna employees and retirees for $35 million, which is the largest settlement in an excessive fee case in history.  Nolte v. Cigna, Case No. 07-2046 (C.D.Ill.).   The firm has also achieved settlements on behalf of employees and retirees of Caterpillar, General Dynamics, Bechtel, and Kraft Foods. Martin v. Caterpillar, Case No. 07-1009 (C.D.Ill.); Will v. General Dynamics, Case No. 06-698 (S.D.Ill.); Kanawi v. Bechtel, Case No. 06-5566 (N.D.Ca.); George v. Kraft Foods, Case Nos. 07-1713 & 08-3799 (N.D.Ill.). In addition, Mr. Schlichter and his firm obtained a judgment against ABB and Fidelity of over $50 Million in the only full trial of an excessive fee 401(k) Plan lawsuit in U.S. history. Tussey v. ABB, Case No. 06-4305 (W.D.Mo.).

The settlement must be approved by an independent fiduciary before being finally approved by Chief Judge David R. Herndon.

About Schlichter, Bogard & Denton, LLP

Schlichter, Bogard & Denton, LLP is a unique national law firm that represents individuals, including 401(k) plan investors, whose plans suffer from excessive fees or imprudent investment options. Our attorneys are dedicated to helping employees and retirees secure the retirement benefits they deserve. If you have any questions about the fees and investments in your 401(k) or 403(b) plan, please contact Schlichter, Bogard & Denton, LLP at (314) 621-6115 for a free review of your plan.

The choice of a lawyer is an important decision and should not be based solely on advertisements. The cases discussed do not predict outcomes in future cases. Past results afford no guarantee of future results and every case is different and must be judged on its own merits.

000-017   000-080   000-089   000-104   000-105   000-106   070-461   100-101   100-105  , 100-105  , 101   101-400   102-400   1V0-601   1Y0-201   1Z0-051   1Z0-060   1Z0-061   1Z0-144   1z0-434   1Z0-803   1Z0-804   1z0-808   200-101   200-120   200-125  , 200-125  , 200-310   200-355   210-060   210-065   210-260   220-801   220-802   220-901   220-902   2V0-620   2V0-621   2V0-621D   300-070   300-075   300-101   300-115   300-135   3002   300-206   300-208   300-209   300-320   350-001   350-018   350-029   350-030   350-050   350-060   350-080   352-001   400-051   400-101   400-201   500-260   640-692   640-911   640-916   642-732   642-999   700-501   70-177   70-178   70-243   70-246   70-270   70-346   70-347   70-410   70-411   70-412   70-413   70-417   70-461   70-462   70-463   70-480   70-483   70-486   70-487   70-488   70-532   70-533   70-534   70-980   74-678   810-403   9A0-385   9L0-012   9L0-066   ADM-201   AWS-SYSOPS   C_TFIN52_66   c2010-652   c2010-657   CAP   CAS-002   CCA-500   CISM   CISSP   CRISC   EX200   EX300   HP0-S42   ICBB   ICGB   ITILFND   JK0-022   JN0-102   JN0-360   LX0-103   LX0-104   M70-101   MB2-704   MB2-707   MB5-705   MB6-703   N10-006   NS0-157   NSE4   OG0-091   OG0-093   PEGACPBA71V1   PMP   PR000041   SSCP   SY0-401   VCP550  

Legal Disclaimer & Privacy Policy
This web site is designed for general information only. The information presented should not be construed as legal advice and does not form the basis for an attorney/client relationship.

The choice of a lawyer is an important decision and should not be based solely on advertisements.
This web site is not intended to be advertising, and Schlichter Bogard & Denton LLP does not desire to represent anyone desiring representation based upon viewing this web site in a jurisdiction where this web site fails to comply with all laws and ethical rules of that jurisdiction. Materials on this web site may only be reproduced in their entirety (without modification) for the individual reader's personal and/or educational use and must include this notice.

We will not disclose, sell, or rent any of your identifiable personal information to any third party, unless approved by you, or required by law.