May 23, 2024. Judge Julie R. Rubin of the United States District Court for the District of Maryland has approved a $3.25 million settlement in the class action lawsuit against the University of Maryland Medical System (UMMS) and its Employee Benefits Committee. This decision marks a significant recovery for participants and beneficiaries of several UMMS retirement plans, who alleged the plans violated the Employee Retirement Income Security Act of 1974 (ERISA).
Case Background:
The plaintiffs, Martin P. Moler, John T. Czahor, and Kathleen D’Ascenzo, made claims against UMMS, alleging ERISA violations related to the alleged mismanagement and administration of multiple retirement plans within the organization.
Settlement Details:
Judge Rubin ruled that the settlement is fair, reasonable, and adequate, and commended the fine work of all Class Counsel involved . The Court further approved the requested 33% in attorneys’ fees, costs, and service awards.
Individuals included in this class are those who participated in or were beneficiaries UMMS retirement plans and had an account balance during the class period of July 1, 2015, to December 31, 2023.
Impact of the Settlement:
This settlement represents a substantial achievement for the plaintiffs and provides significant compensation to the affected participants and beneficiaries, offering important redress for the alleged mismanagement of their retirement plans.
The Court appointed Edelson Lechtzin LLP, McKay Law, LLC, and Tycko & Zavareei LLP as Class Counsel, recognizing their dedication and expertise in achieving this successful outcome.
The case is Moler, et al. v. University of Maryland Medical System, et al., Case No.: 1:21-cv-01824-JRR in the United States District Court for the District of Maryland.