Final Approval Received for $2M Settlement in the Stantec 401(k) ERISA Lawsuit

In September 2020, former Stantec 401(k) Plan participants Samantha Gotta and Michael De Sena filed an ERISA lawsuit in the U.S. District Court for the District of Arizona. They sued Stantec Consulting Services Inc., its board of directors, and members of the 401(k) Plan Fiduciary Investment Committee. The plaintiffs alleged mismanagement of their retirement plan and breach of fiduciary duty of prudence. They also claimed that the plan failed to offer lower-cost mutual funds and cheaper collective investment trusts instead of similar mutual funds. Judge G. Murray Snow presided over this lawsuit. [Case number: 20-1865]