SFMS Announces Final Approval Of Settlement With Neuberger Berman Management In ERISA Litigation

Shepherd, Finkelman, Miller & Shah, LLP (“SFMS”) announces that on July 17, 2009, the United States District Court for the District of Connecticut, the Honorable Alfred V. Covello presiding, approved a partial settlement in a class action, which was filed on behalf of SFMS’s client, Phones Plus, Inc. (“Phones Plus”), against The Hartford Financial Services Group, Inc., Hartford Life Insurance Company (“Hartford Life”) and Neuberger Berman Management, Inc. (“Neuberger”). In the litigation, Phones Plus alleged that Defendants entered into revenue sharing agreements and arrangements with various mutual funds, as well as between themselves, pursuant to which Defendants receive payments for their own benefit in violation of the Employment Retirement Income Security Act (“ERISA”), 29 U.S.C. Sec. 1001 et seq. For settlement purposes, the Court certified a sub-class consisting of all administrators of employee pension benefit plans covered by ERISA subject to Internal Revenue Code Sec. 401(k) (“401K Plans”), which engaged Hartford Life as a full-service provider to design, implement, administer and/or assist in administering their 401K Plans for which, at any time since November 14, 2003, Neuberger has served as an investment advisor.

Pursuant to the settlement, members of the Sub-Class may receive certain benefits as outlined in the Class Notice and Settlement Agreement. Copies of these documents, as well as Claim Forms may be found through the SFMS website, under Settlements.

For a copy of the Court’s Order Approving the Settlement,
click here

If you have questions concerning the Settlement, please contact James E. Miller (1-866-540-5505;
jmiller@sfmslaw.com) or Patrick A. Klingman (1-866-540-5505;
pklingman@sfmslaw.com)

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