Sanford Heisler Sharp Will Settle With Transamerica for $5.4 Million

Sanford Heisler Sharp today filed a motion for preliminary approval of a $5.4 million settlement in an ERISA class action in the U.S. District Court for the Northern District of Iowa. On behalf of a class of current and former Transamerica Corporation employees, the firm reached agreement with the Transamerica Corporation to resolve their ERISA breach of the fiduciary duty class claims. The clients, a group of current and former Transamerica Corporation employees invested in Transamerica’s 401k retirement plan, filed papers today asking an Iowa federal court to preliminarily approve the settlement agreement.

The parties executed the settlement agreement after they had conducted significant fact and expert discovery and participated in an all-day mediation session with an independent mediator.  If approved, this class settlement would end the ERISA class action filed by six plaintiffs in December 2018, which had accused the Plan’s fiduciaries of retaining several poorly performing investment options for the Plan. The case was certified as a class action in March 2020.

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