$668K+ Giant Eagle ERISA Settlement Seeks Preliminary Approval from Court

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Giant Eagle has agreed to pay a $668,750 settlement that, if approved by the court, will resolve a proposed class action lawsuit that alleged the supermarket chain violated federal law by imprudently managing its employee retirement savings plan.

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If approved, the proposed class action settlement will cover all consumers who participated in the Giant Eagle employee savings plan at any time between August 23, 2018 and the date the deal receives preliminary court approval, including any beneficiary of a deceased participant and any alternate payee of an individual subject to a Qualified Domestic Relations Order who participated in the plan during the qualifying period.

According to court documents, the proposed Giant Eagle ERISA settlement covers a class of approximately 7,000 active plan participants and 8,800 former participants.

If the deal is initially approved, class members may be eligible to receive a pro-rated share of the $668,750 settlement fund after deductions are made for taxes, attorneys’ fees, service awards and litigation and administrative expenses, the settlement agreement says.

Consumers will not need to do anything to receive a Giant Eagle settlement payment, the agreement relays. Class action settlement payouts will be paid directly into current participants’ plan accounts, while payments to former participants will be issued by check, the document states.

According to the settlement agreement, individual payment amounts will be determined based on each participant’s plan account balance compared with the balances of all class members.

Notice of the Giant Eagle class action settlement will be mailed to eligible class members within 30 days of the date the deal receives preliminary approval, court documents state. Should the deal be approved, the court-authorized website for the settlement, GiantEagleERISAsettlement.com, will also be established within that time.

ClassAction.org will update this page if and when the official Giant Eagle ERISA settlement website is launched.

The class action lawsuit against Giant Eagle alleged that the company breached its fiduciary duties under the federal Employee Retirement Income Security Act (ERISA) by failing to implement prudent management procedures and allowing the plan to pay unreasonable costs for recordkeeping and administrative services.

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