InterArch Settlement

Please read this notice carefully and completely.
If you are a member of the Class, the settlement will affect your legal rights.
A federal court has authorized this notice.
This is not a solicitation from a lawyer.
You have not been sued.

The settlement became final as of January 20, 2023.
Class Counsel had to wait 30 days from the date of judgment until the settlement became completely final. In early March, Class Counsel transferred the settlement funds to the Independent Fiduciary of the Plan to disburse the settlement funds to class members. The Independent Fiduciary will send a communication to you shortly and may ask you to confirm your distribution election. Once you do so, payment will be promptly issued. If you do not receive a communication from the Independent Fiduciary by mid-March or do not receive your settlement payment by the end of March, please contact the Settlement Administrator.

The parties to this class action have reached a proposed settlement and the Court has preliminarily approved the Settlement. The Settlement provides for a payment to Class Members who were entitled under the Plan to immediate payment (either participants or beneficiaries entitled to an immediate payment) based on the amount of their losses in the InterArch, Inc. Profit Sharing Plan (“Plan”).

The notice summarizes the Settlement and informs you of your rights under the Settlement. The complete Settlement Agreement, and other information about this lawsuit, are available on the Court Documents page on this website, or by contacting Class Counsel listed on the Contact page on this website.

Your settlement payment will be allocated to your Plan account and then distributed to you through the Plan. You can elect a direct rollover of your settlement payment to an IRA or another eligible retirement plan or receive a distribution (less applicable income tax withholding).

If you are a Class Member who is either (1) a participant or (2) a beneficiary entitled to an immediate payment under the Plan, then you are entitled to choose the form of distribution. To provide tax favored treatment, your payment will first be transferred to the Plan. You may elect to take a rollover or receive a distribution of your account from the Plan in accordance with the terms of the Plan. If you do not provide other instructions, the monies will be transferred to an IRA and invested in a money market account at Millennium Trust Company.
If you believe that the data about your Plan account is incorrect OR you believe that you are a Class Member but did not receive personalized notice sent to you, you can submit information explaining why the data needs to be corrected or why you are a Class Member. You need to submit this challenge by July 4, 2022, to the InterArch Settlement Administrator, P.O. Box 59479, Philadelphia, PA 19102-9479.
If you are not satisfied with the terms of the proposed Settlement, then you or your attorney may inform the Court by sending a letter or written statement by July 4, 2022 to Office of the Clerk, Mitchell H. Cohen Building & U.S. Courthouse, 4th & Cooper Streets Room 1050, Camden, NJ 08101.
If you object or challenge data, you may still request a distribution.

The Final Approval Hearing for the Settlement is August 16, 2022 at 10:00 am in the United States District Court for the Northern District of New Jersey, Mitchell H. Cohen Building & U.S. Courthouse, 4th & Cooper Streets, Room 1050, Camden, NJ 08101.

These rights and options – and the deadlines to exercise them – are explained in the Notice.