Settlement Status

  • The Court has given its preliminary approval to a proposed settlement (the “Settlement”) as a result of a class action lawsuit brought by a former participant in the Plans against McKinsey & Company, Inc. (“McKinsey”) and MIO Partners, Inc. (“MIO”) (collectively, “Defendants”), alleging violations of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Defendants deny all claims, and nothing in the Settlement is an admission or concession on Defendants’ part of any fault or liability whatsoever. Defendants further maintain that they acted prudently and loyally at all times when acting in any fiduciary capacity with respect to the Plans.
  • The Settlement provides, among other things, for a $39.5 million settlement fund that will be allocated to eligible Class Members after any Court-approved deductions for attorneys’ fees and costs, administrative expenses, and class representative compensation. Class Members with one or more accounts with a positive balance (an “Active Account”) in the Plans as of August 5, 2020 (referred to herein as “Current Participants”) will automatically receive allocations directly to their accounts so long as they maintain a positive balance through the time Settlement monies are distributed. Class Members who did not have an Active Account as of August 5, 2020 (referred to herein as “Former Participants”) must submit a claim form to be deemed an “Authorized Former Participant” and receive an allocation, and may receive their allocation in the form of a check or a rollover. Current Participants who have an Active Account as of August 5, 2020, but who are determined to no longer have an Active Account at the time monies are distributed will be treated as “Authorized Former Participants” and will receive an allocation by check.
  • The Court still has to decide whether to give its final approval to the Settlement. Payments under the Settlement will be made only if the Court finally approves the Settlement and that final approval is upheld in the event of any appeal.
  • A Fairness Hearing will take place telephonically on February 17, 2021 at 4:00 PM Eastern Time before the Honorable Gregory Woods, to determine whether to grant final approval of the Settlement and approve the requested Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Compensation. In order to call into the Fairness Hearing, you may dial 1-866-253-3270 (toll free) or 1-646-843-4609 and enter access code 5607713#. The date and time of the Fairness Hearing are subject to change by Court Order, but any changes will be posted on this website.