Common use of What Is The Class Action About Clause in Contracts

What Is The Class Action About. In the Class Action, the Class Representatives alleged that during the Class Period Defendants violated the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, 29 U.S.C. §1132, et seq., with respect to their operation and administration of the Plan. In relevant part, they alleged Defendants caused the Plan to pay unreasonable administrative and investment expenses and invest in the Insperity Horizon Risk- Managed target date funds, which Plaintiffs claim were unlawfully added to the Plan. Defendants have denied and continue to deny the claims and contentions of the Class Representatives, that they are liable at all to the Class, and that the Class or the Plan have suffered any harm or damage for which Defendants could or should be held responsible, as Defendants contend that they acted prudently and in keeping with their fiduciary responsibilities under ERISA by monitoring, reviewing and evaluating the Plan’s investment options, by monitoring, reviewing and evaluating the administrative fees paid by the Plan, by eliminating or adding investment options when appropriate and by ensuring the Plan paid reasonable fees for the services provided.