Flat Rock Metal settles ERISA class action for $1.8M – Claim Depot
Participants or beneficiaries in the Flat Rock ESOP after Nov. 24, 2020, may be eligible to claim a cash payment from a class action settlement.
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Participants in the Flat Rock Metal and Bar Processing employee stock ownership plan or a beneficiary of such a participant as of Nov. 24, 2020, or later you may be eligible to claim a cash payment from a class action settlement.
Flat Rock Metal Inc., through its plan and related parties, agreed to pay $1.8 million to resolve a class action lawsuit alleging the plan overpaid for SAC Ventures Inc. stock in a 2020 transaction in violation of federal law governing retirement plans.
The class includes:
The class covers both active and former participants, as well as those currently in pay status or not. There are approximately 702 class members based on a preliminary review of plan records.
The amount each eligible class member will receive depends on several factors, including the number of shares of SAC Ventures Inc. stock allocated to their plan account as of Dec. 31, 2024, and their vested status.
After deductions for attorneys’ fees, costs, service awards, administrative expenses, taxes and independent fiduciary fees, the plan recordkeeper will divide the net settlement fund pro rata among class members vested in the plan. This means each person’s share is based on the number of shares they held relative to the total shares held by all class members.
Eligible class members who have an active ESOP account do not need to take any action and will automatically receive their payment.
Those who do not have an active ESOP account and are not in pay status must download, print, complete and return the settlement payment election form by March 17, 2026, to choose their payment method.
Settlement administrator’s mailing address: Bonds v. Heeter, et al., c/o Settlement Administrator, P.O. Box 25226, Santa Ana, CA 92799
For class members who do not submit a payment election form and are not in pay status:
The $1,800,000 settlement fund includes:
The settlement administrator will issue payments after the court resolve any appeals and grants final approval to the settlement.
The class action lawsuit alleged the Flat Rock Metal and Bar Processing employee stock ownership plan overpaid for SAC Ventures Inc. stock in a 2020 transaction, violating the Employee Retirement Income Security Act, which sets standards for private retirement plans.
The defendants denied all wrongdoing but agreed to settle to avoid the uncertainty, expense and burden of further litigation.
Find any open class action settlement.
Class actions settlements delivered to your inbox.
This browser does not support inline PDFs. Please download the PDF to view it: Download PDF
96% of settlement funds go unclaimed. Be part of the 4% by subscribing to the Claim Depot newsletter and never missing a settlement.
source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
Class actions settlements delivered to your inbox.
Participants in the Flat Rock Metal and Bar Processing employee stock ownership plan or a beneficiary of such a participant as of Nov. 24, 2020, or later you may be eligible to claim a cash payment from a class action settlement.
Flat Rock Metal Inc., through its plan and related parties, agreed to pay $1.8 million to resolve a class action lawsuit alleging the plan overpaid for SAC Ventures Inc. stock in a 2020 transaction in violation of federal law governing retirement plans.
The class includes:
The class covers both active and former participants, as well as those currently in pay status or not. There are approximately 702 class members based on a preliminary review of plan records.
The amount each eligible class member will receive depends on several factors, including the number of shares of SAC Ventures Inc. stock allocated to their plan account as of Dec. 31, 2024, and their vested status.
After deductions for attorneys’ fees, costs, service awards, administrative expenses, taxes and independent fiduciary fees, the plan recordkeeper will divide the net settlement fund pro rata among class members vested in the plan. This means each person’s share is based on the number of shares they held relative to the total shares held by all class members.
Eligible class members who have an active ESOP account do not need to take any action and will automatically receive their payment.
Those who do not have an active ESOP account and are not in pay status must download, print, complete and return the settlement payment election form by March 17, 2026, to choose their payment method.
Settlement administrator’s mailing address: Bonds v. Heeter, et al., c/o Settlement Administrator, P.O. Box 25226, Santa Ana, CA 92799
For class members who do not submit a payment election form and are not in pay status:
The $1,800,000 settlement fund includes:
The settlement administrator will issue payments after the court resolve any appeals and grants final approval to the settlement.
The class action lawsuit alleged the Flat Rock Metal and Bar Processing employee stock ownership plan overpaid for SAC Ventures Inc. stock in a 2020 transaction, violating the Employee Retirement Income Security Act, which sets standards for private retirement plans.
The defendants denied all wrongdoing but agreed to settle to avoid the uncertainty, expense and burden of further litigation.
Find any open class action settlement.
Class actions settlements delivered to your inbox.
This browser does not support inline PDFs. Please download the PDF to view it: Download PDF
96% of settlement funds go unclaimed. Be part of the 4% by subscribing to the Claim Depot newsletter and never missing a settlement.
source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
