UPDATE (as of 8/7/19)
The District Court approved the Class Settlement, attorneys’ fees and expenses, and service awards on August 7, 2019. If no appeal is filed, the Settlement will become final on September 6, 2019. If no appeal is filed, settlement benefits are expected to be distributed to class members by the end of 2019.
A Settlement has been reached in Barrett et al. v. Pioneer Natural Resources USA, Inc., Civil Action No.: 1:17-cv-01579-WJM-NYW (D. Colo.). This website contains information on your rights regarding the Settlement.
A lawsuit was filed in the United States District Court for the District of Colorado against Defendants (please click here for a list of the Defendants). The lawsuit involves claims that Defendants violated the federal Employee Retirement Income Security Act of 1974, as amended (“ERISA”), by failing to comply with their fiduciary duties under ERISA to the Plan and participants of the Plan in the management, operation and administration of the Plan. The Plan participants who filed the lawsuit (“Plaintiffs”) claim that Defendants acted improperly by causing participants to pay excessive fees for the Plan’s recordkeeping services.
Defendants deny the allegations in the case and assert that their conduct was entirely proper. Defendants have asserted and would assert a number of defenses to Plaintiffs’ claims should the litigation continue. For example, Defendants contend that the Plan’s asset-based recordkeeping fee arrangement is common in the industry, and benefits participants with lower Plan account balances, who shoulder less of the Plan’s recordkeeping expenses, while participants with higher balances pay proportionally more. Defendants further maintain that they have negotiated the Plan’s recordkeeping fees down over time, and that those fees have fallen over the Class Period, despite substantial growth in Plan participants and Plan assets. In addition, Defendants contend that they have tested the market reasonableness of the Plan’s recordkeeping fee arrangement over the Class Period by, for example, commissioning an independent investment advisor to conduct a competitive bidding process for recordkeeping services in 2016. In sum, Defendants maintain that they did not breach their fiduciary duties to the Plan under ERISA.
You can read the full Settlement Agreement, the Court’s order granting Preliminary Approval of the Settlement, the Notice, and other relevant pleadings and documents on the Important Documents page on this website. If you have questions, please visit the FAQS page on this website. If you cannot find the information you need on this website, you may also contact Class Counsel at (303) 757-3300 for more information or email the Settlement Administrator at info@Barrett401kSettlement.com.