Giant Eagle, a grocery store chain, has settled a class action lawsuit alleging violations of the Employee Retirement Income Security Act (ERISA) led by a former employee. The suit alleged that the company breached its fiduciary duty by failing to contain administrative and recordkeeping costs for the company's 401(k) plan and act in the plan participants' best interests, costing them millions. The terms of the settlement agreement, which the parties reached through mediation, remain unknown.
The case is Cheryl Kehrer v. Giant Eagle Inc. et al., case number 2:24-cv-01211, U.S. District Court for the Western District of Pennsylvania.
Plaintiff Cheryl Kehrer filed suit against Giant Eagle in a Pennsylvania federal district court in August 2024, accusing the company of causing excessive and unreasonable financial losses for the plan participants in violation of ERISA. She sought to represent a class of workers who participated in the company's 401(k) plan from August 2018 to the present.
Giant Eagle has over 470 stores in Indiana, Maryland, Ohio, Pennsylvania, and West Virginia. The company's 401(k) plan had about 8,260 participants and $658.8 million as of October 2023.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
