What is the class action claim?
3M allegedly violated the Employee Retirement Income Security Act (“ERISA”) by seeking to maximize its profits at the expense of the employees in the Plan. Defendants allegedly loaded the 3M Voluntary Investment Plan and Stock Ownership Plan with high-cost investment products charging employee participants millions of dollars per year in excess fees to boost its own profits at the expense of employee participants. The lawsuit seeks to recover the excessive fees charged to employee participants over the past 6 years and to obtain injunctive and other equitable relief for employee participants as a remedy for 3M’s violations of ERISA.
Who can join this class action?
Any current or former employees of 3M who also participated in the 3M Voluntary Investment Plan and Stock Ownership Plan anytime during the past 6 years.
Is there any cost to me?
No. All plaintiff attorneys are litigating this case on a contingency fee basis.
What if I signed a severance agreement with a release of claims?
Severance agreements generally cannot prevent you from being part of a class action or a being a class representative in this type of case. Please contact us if you have more questions on your specific severance agreement.
How can I help &/or participate?
1. We are interested in reviewing documents you can download from the 3M Voluntary Investment Plan and Stock Ownership Plan website:
- Summary Plan Description (SPD)
- Annual Fee Disclosure
- Statements – Please feel free to redact any personal data
Please email to mk@mk-llc.com or fax to 212-389-6112.
- Refer other current or former employees who were or are participants in the 3M Voluntary Investment Plan and Stock Ownership Plan by sharing this page and or posting on social media (FB, LinkedIn).
- Join the case as a plaintiff Class Representative.
Read about Class Representative Duties.
Please feel free to email mk@mk-llc.com or call 212-389-6111 with any additional questions.