This page provides the answers to class members’ most frequently asked questions.
The information provided is in summary form and is not intended as a complete explanation of your rights. For full and complete information, you are directed to review carefully the Notice of Pendency of Class Action and Proposed Settlement.
The lawsuit alleges that Defendants violated the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, 29 U.S.C. §1001, et seq., with respect to its management, operation, and administration of the Plans, by selecting and retaining the Northern Trust Focus Funds as investment options in the Plans and offering higher-cost share classes of the funds than were otherwise available for the Plans.
Defendants have denied and continue to deny the claims and contentions of the Class Representatives, that they are liable at all to the Class, and that the Class or the Plan have suffered any harm or damage for which Defendants could or should be held responsible. Defendants contend that they acted prudently and in keeping with their fiduciary responsibilities under ERISA, and in the best interests of the Plans’ participants.
The Court has not reached a final decision as to the Class Representatives’ claims. Instead, the Class Representatives and Defendants have agreed to the Settlement. The Settlement is the product of extensive negotiations between Class Counsel and Defendants’ counsel. The parties to the Settlement have taken into account the uncertainty and risks of litigation and have concluded that it is desirable to settle on the terms and conditions set forth in the Settlement Agreement. The Class Representatives and Class Counsel, who are highly experienced in this kind of matter, believe that the Settlement is best for all Class Members.
The Settlement includes All participants in the PPL Employee Savings Plan, PPL Deferred Savings Plan, PPL Employee Stock Ownership Plan, and LG&E and KU Savings Plan from January 12, 2016 through June 30, 2020, who invested in a Northern Trust Focus Fund target date fund through an individual Plan account, and their beneficiaries, excluding Defendants.
Under the Settlement, a Qualified Settlement Fund of $8,200,000 will be established to resolve the Class Action. The Net Settlement Amount is $8,200,000 minus any Administrative Expenses, taxes, tax expenses, Court-approved Attorneys’ Fees and Costs, Class Representatives’ Compensation, and other approved expenses of the litigation.
The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court. Class Members fall into two categories: Current Participants and Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing account in the Plans. Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account.
Whether you need to submit a claim form to receive your distribution depends on whether you are considered a “Current Participant” or a “Former Participant.”
“Current Participant” means Class Members who had an account balance in the Plans as of December 31, 2024. If you are a Current Participant Class Member, you do not need to do anything to participant in the Settlement and receive a payment if the Settlement is approved.
“Former Participant” means Class Members who no longer has a Plan account with a balance greater than $0 as of December 31, 2024. If you are a Former Participant Class Member, you must return the Former Participant Claim Form by July 22, 2025.
No. The Class was certified under Federal Rule of Civil Procedure 23(b)(1). Therefore, as a Class Member, you are bound by any judgments or orders that are entered in the Class Action for all claims that were asserted in the Class Action or are otherwise included as Released Claims under the Settlement.”
If you are a Class Member, you can tell the Court that you do not agree with the Settlement or some part of it. To object, you must send the Court a written statement that you object to the Settlement in Binder, et al. v. PPL Corporation, et al., No. 5:22-cv-00133 (E.D. Pa.). Be sure to include your name, address, telephone number, signature, and a full explanation of why you object to the Settlement. Your written objection must be received by the Court no later than July 3, 2025. The Court’s address is 6614 U.S. Courthouse, Eastern District of Pennsylvania, 601 Market Street, Courtroom 6-A, Philadelphia, PA 19106. Your written objection also must be mailed to the lawyers listed below, no later than July 3, 2025. Please note that the Court’s Order Granting Preliminary Approval of this Settlement provides that any party to the litigation may, but is not required to, serve discovery requests, including requests for documents and notice of deposition not to exceed two hours in length, on any objector. Any responses to discovery, or any depositions, must be completed within ten days of the request being served to the objector.
The Court has appointed the law firm Schlichter Bogard LLP, in St. Louis, Missouri, as Class Counsel. If you want to be represented by your own lawyer, you may hire one at your own expense.
The Court will hold a Fairness Hearing on August 4, 2025, at the 6614 U.S. Courthouse, Eastern District of Pennsylvania, 601 Market Street, Courtroom 6-A, Philadelphia, PA 19106.
At the Fairness Hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. If there are objections, the Court will consider them. After the Fairness Hearing, the Court will decide whether to give its final approval to the Settlement. The Court also will consider the petition for Class Counsel’s Attorneys’ Fees and Costs and any Class Representatives’ Compensation.
You may obtain additional information by calling 1-833-446-4160, or email the Settlement Administrator at PPL401kSettlement@noticeadministrator.com.