Sanford Heisler Sharp Mcknight Wins Final Approval of Record-Breaking $69 Million Settlement on Behalf of More Than 350,000 Retirement Plan Beneficiaries

Yahoo

13-06-2025

MINNEAPOLIS, June 13, 2025 (GLOBE NEWSWIRE) -- Sanford Heisler Sharp McKnight, LLP, a national civil rights law firm, was granted final approval of a record-breaking $69 million settlement on behalf of more than 350,000 beneficiaries of the UnitedHealth Group 401(k) Savings Plan. The Honorable Judge John R. Tunheim of the U.S. District Court for the District of Minnesota ruled from the bench during a Fairness Hearing held today, approving the settlement amount and granting counsel's requested attorneys' fees and a service award of $50,000 for sole class representative Kim Snyder. Judge Tunheim informed the parties that a more detailed order would follow his ruling.
Plaintiff Kim Snyder first filed this case in April 2021, alleging that UnitedHealth Group had breached its fiduciary duties to participants in its 401(k) Savings Plan and mismanaged participants' retirement funds in violation of the Employee Retirement Income Security Act of 1974 ('ERISA'). Specifically, the complaint alleged that UnitedHealth Group failed to remove from its employee retirement plan a family of target retirement date funds managed by Wells Fargo that have underperformed their investment benchmarks and other similar target date funds significantly for over a decade. Sanford Heisler Sharp McKnight was appointed Class Counsel in February 2022. After more than four years of litigation, Sanford Heisler Sharp McKnight reached an impressive $69 million settlement on behalf of Plan participants – the largest-ever single-plan ERISA settlement alleging breach of fiduciary duty for failure to remove underperforming investment options. The record previously belonged to In re G.E. ERISA Litig., Case No. 1:17-CV-12123-IT (D. Mass. Mar. 8, 2024), another case brought by Sanford Heisler Sharp McKnight that resulted in a $61 million settlement for the Plan.
'The firm is honored to have worked for the benefit of the Class for more than four years and to have recovered this settlement for Plan participants,' said David Sanford, chairman of Sanford Heisler Sharp McKnight and counsel for Plaintiff and the Class. 'We will continue to bring cases like this on behalf of individuals planning for retirement.'
'ERISA's fiduciary standards are strict and exacting,' added Charles Field, a partner and Co-Chair of Sanford Heisler Sharp McKnight's Financial Mismanagement and ERISA Litigation Practice Group and counsel for Plaintiff and the Class. 'Today's decision underscores the fact that fiduciaries should be held to the highest standards in managing Plan participants' assets.'
'I am grateful for the role I was able to play in obtaining this result today,' said Leigh Anne St. Charles, a partner and Co-Chair of Sanford Heisler Sharp McKnight's Financial Mismanagement and ERISA Litigation Practice Group and counsel for Plaintiff and the Class, who spoke in support of the settlement at today's Fairness Hearing. 'Even more so, I am grateful for Kim Snyder being brave enough to step forward and represent the Plan and the Class for the last four years. People like her make it possible to right these wrongs.'
The case is Kim Snyder v. UnitedHealth Group, et al., Case No. 0:21-CV-01049 (JRT/DJF), United States District Court for the District of Minnesota. Local Counsel is Susan M. Coler of Halunen Law.
About Sanford Heisler Sharp McKnight, LLP
Sanford Heisler Sharp McKnight, LLP is a national public interest class-action litigation law firm with offices in New York, Washington, D.C., San Francisco, Palo Alto, San Diego, and Nashville. Sanford Heisler Sharp McKnight focuses on employment discrimination, Title IX, wage and hour, whistleblower, criminal/sexual violence, and financial services matters. The firm has recovered over $1 billion for its clients through many verdicts and settlements. The National Law Journal recognized Sanford Heisler Sharp McKnight as 2021 Employment Rights Firm of the Year, 2021 Human Rights Firm of the Year, and 2022 Civil Rights Firm of the Year.
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