{"id":1412,"date":"2022-11-26T04:59:33","date_gmt":"2022-11-26T04:59:33","guid":{"rendered":"https:\/\/www.sweepstakesbible.com\/blog\/?p=1412"},"modified":"2023-01-09T05:35:06","modified_gmt":"2023-01-09T05:35:06","slug":"coriant-erisa-401k-mismanagement-settlement","status":"publish","type":"post","link":"https:\/\/www.sweepstakesbible.com\/blog\/settlement\/coriant-erisa-401k-mismanagement-settlement\/","title":{"rendered":"Coriant ERISA 401(K) Mismanagement Settlement"},"content":{"rendered":"

Optical telecommunications company Coriant has agreed to pay $1 million to resolve claims that it breached fiduciary duties while administering its 401(k) plan under the Employee Retirement Income Security Act (ERISA). The settlement terms will benefit participants of the Coriant 401(k) plan who faced loss on liquidating their Gibraltar Guaranteed Fund (GGF) investments at market value. Beneficiaries of deceased plan participants and alternate payees of individuals whose accounts were subjected to qualified domestic relations orders will also come under the wings of this settlement<\/a>.<\/p>\n

Settlement website – <\/strong>https:\/\/www.strategicclaims.net\/coriant401k<\/a>
\nObjection deadline \u2013 <\/strong>02\/05\/2023
\nExclusion deadline \u2013 <\/strong>Since the class has already been certified by the settlement, there is no exclusion deadline.
\nClaim Form \u2013 <\/strong>Class members don\u2019t have to submit any claim form to receive settlement benefits and will receive their portion of the settlement fund automatically.
\nDeadline for submitting the claim \u2013 <\/strong>Not applicable
\nFinal Hearing date \u2013 <\/strong>02\/23\/2023
\nSettlement amount – <\/strong>$1 million
\nPotential claim amount \u2013 <\/strong>Variable
\nProof of purchase \u2013 <\/strong>Not applicable<\/p>\n

Coriant failed to honor its fiduciary duties under ERISA and invested a large chunk of retirement funds into GFF investments. However, the company allegedly terminated its 401(k) and liquidated the GGD investments of participants without notifying them properly. This forced the participants to liquidate their investments<\/a> at market value as opposed to book value and resulted in monetary losses of more than $2 million. Plaintiffs have sought compensation for the losses incurred and other damages arising from Coriant\u2019s violation of ERISA fiduciary duties.<\/p>\n

Though the defendant hasn\u2019t admitted to any wrongdoing, they have agreed to resolve all allegations with a $1 million class action settlement. Under the settlement terms, the class members are eligible to receive cash payments depending on their net losses. Their shares will be computed based on the account balance due to GGF liquidation. The ones with a higher calculated net loss will be eligible for a bigger share of the net settlement fund.<\/p>\n","protected":false},"excerpt":{"rendered":"

Optical telecommunications company Coriant has agreed to pay $1 million to resolve claims that it breached fiduciary duties while administering its 401(k) plan under the Employee Retirement Income Security Act (ERISA). The settlement terms will benefit participants of the Coriant 401(k) plan who faced loss on liquidating their Gibraltar Guaranteed Fund (GGF) investments at market… Continue reading Coriant ERISA 401(K) Mismanagement Settlement<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":1414,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[25],"class_list":["post-1412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-settlement","tag-unpaid-wage-and-hour-lawsuit-settlements","entry"],"yoast_head":"\nCoriant ERISA 401(K) Mismanagement Settlement - Sweepstakesbible Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sweepstakesbible.com\/blog\/settlement\/coriant-erisa-401k-mismanagement-settlement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coriant ERISA 401(K) Mismanagement Settlement - Sweepstakesbible Blog\" \/>\n<meta property=\"og:description\" content=\"Optical telecommunications company Coriant has agreed to pay $1 million to resolve claims that it breached fiduciary duties while administering its 401(k) plan under the Employee Retirement Income Security Act (ERISA). The settlement terms will benefit participants of the Coriant 401(k) plan who faced loss on liquidating their Gibraltar Guaranteed Fund (GGF) investments at market… Continue reading Coriant ERISA 401(K) Mismanagement Settlement\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.sweepstakesbible.com\/blog\/settlement\/coriant-erisa-401k-mismanagement-settlement\/\" \/>\n<meta property=\"og:site_name\" content=\"Sweepstakesbible Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-26T04:59:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-09T05:35:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.sweepstakesbible.com\/blog\/wp-content\/uploads\/2022\/12\/Optical-telecommunications-company-Coriant.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"707\" \/>\n\t<meta property=\"og:image:height\" content=\"503\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Penelope Envy\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Penelope Envy\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.sweepstakesbible.com\\\/blog\\\/settlement\\\/coriant-erisa-401k-mismanagement-settlement\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.sweepstakesbible.com\\\/blog\\\/settlement\\\/coriant-erisa-401k-mismanagement-settlement\\\/\"},\"author\":{\"name\":\"Penelope Envy\",\"@id\":\"https:\\\/\\\/www.sweepstakesbible.com\\\/blog\\\/#\\\/schema\\\/person\\\/5831d8efedd296dcb39f915fa2b68560\"},\"headline\":\"Coriant ERISA 401(K) Mismanagement Settlement\",\"datePublished\":\"2022-11-26T04:59:33+00:00\",\"dateModified\":\"2023-01-09T05:35:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.sweepstakesbible.com\\\/blog\\\/settlement\\\/coriant-erisa-401k-mismanagement-settlement\\\/\"},\"wordCount\":322,\"publisher\":{\"@id\":\"https:\\\/\\\/www.sweepstakesbible.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.sweepstakesbible.com\\\/blog\\\/settlement\\\/coriant-erisa-401k-mismanagement-settlement\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.sweepstakesbible.com\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Optical-telecommunications-company-Coriant.jpg\",\"keywords\":[\"Unpaid Wage and Hour Lawsuit Settlements 2023\"],\"articleSection\":[\"Settlement\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.sweepstakesbible.com\\\/blog\\\/settlement\\\/coriant-erisa-401k-mismanagement-settlement\\\/\",\"url\":\"https:\\\/\\\/www.sweepstakesbible.com\\\/blog\\\/settlement\\\/coriant-erisa-401k-mismanagement-settlement\\\/\",\"name\":\"Coriant ERISA 401(K) Mismanagement Settlement - 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