Verizon breached its fiduciary duty to current/former employees to monitor the investment options offered in each of Verizon’s 401(k) Savings Plans and to remove imprudent investment options with high fees such as The Global Opportunity Fund. Read the Complaint here.
Class Legal Team
Daniella Quitt at Glancy Prongay & Murray LLP and Major Khan of MKLLC Law.
September 28, 2017 Plaintiffs (employee participants) defeated a sufficient part of Verizon Communications’ Motion to Dismiss this case. Read the Court’s Order here.
What this means
Good news for plaintiffs but the fight is not over. We need to hear from other current & former Verizon employees who were invested in The Global Opportunity Fund in any of the various Verizon 401(k) Savings Plans. Verizon can file additional motions to try to get the Court to dismiss the case before it is settled or goes to trial.
What to expect next
Parties will soon start engaging in fact discovery, document exchanges & depositions into early 2019.
Who can join this class action?
Any current or former Verizon employee who participated in any Verizon 401(k) Plan.
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.
Is there any cost to me?
No. All plaintiff attorneys are litigating this case on a contingency fee basis.
How can I help and/or participate?
- We are interested in reviewing documents you can download from the Verizon 401(k) Savings Plans website:
- Summary Plan Description (SPD)
- Annual Fee Disclosure
- Statements – Please feel free to blackout any personal data
Please email these to email@example.com or fax to 646-546-5755.
- Refer other affected Verizon 401(k) Savings Plans employees by sharing this page and or posting on social media (FB, LinkedIn).
- Join the case as a plaintiff Class Representative.
Please feel free to email firstname.lastname@example.org or call 646-546-5664 with any additional questions.