Colorado Media Newsroom
February 16th, 2023, 11:31 AM
From Radio Insight:
https://i0.wp.com/radioinsight.com/wp-content/images/2018/06/cumulus2018.png?resize=200%2C200&ssl=1Cumulus Media has agreed to pay $1 million to settle a class action lawsuit filed by seven former employees who said their fees and investments of their 401(k) violated the Employee Retirement Income Security Act.
The settlement will be split between around 5,230 current and former employees and also settles an appeal of a previous suit filed in 2020 that had been dismissed.
The settlement agreement states that Cumulus “specifically deny any such liability and wrongdoing and state that they are entering into this settlement agreement to eliminate the burden and expense of further litigation”. The plaintiffs decided to settle due to “the inherent risks, difficulties and delays in complex ERISA litigation such as this/”
The settlement, which comes two months after the lawsuit was filed, also resolves an appeal in a similar suit filed against Cumulus by the same attorneys in 2020. Cumulus defeated that case at *
The original suit can be read at Bloomberg Law (https://www.bloomberglaw.com/public/desktop/document/DeanetalvCumulusMediaIncetalDocketNo122cv04956NDGa Dec152022CourtD/2?doc_id=XLT29DB6UN9MC8MCQLO6DLQUCA).
more (https://radioinsight.com/headlines/248753/cumulus-media-settles-401k-class-action-erisa-lawsuit/)
https://i0.wp.com/radioinsight.com/wp-content/images/2018/06/cumulus2018.png?resize=200%2C200&ssl=1Cumulus Media has agreed to pay $1 million to settle a class action lawsuit filed by seven former employees who said their fees and investments of their 401(k) violated the Employee Retirement Income Security Act.
The settlement will be split between around 5,230 current and former employees and also settles an appeal of a previous suit filed in 2020 that had been dismissed.
The settlement agreement states that Cumulus “specifically deny any such liability and wrongdoing and state that they are entering into this settlement agreement to eliminate the burden and expense of further litigation”. The plaintiffs decided to settle due to “the inherent risks, difficulties and delays in complex ERISA litigation such as this/”
The settlement, which comes two months after the lawsuit was filed, also resolves an appeal in a similar suit filed against Cumulus by the same attorneys in 2020. Cumulus defeated that case at *
The original suit can be read at Bloomberg Law (https://www.bloomberglaw.com/public/desktop/document/DeanetalvCumulusMediaIncetalDocketNo122cv04956NDGa Dec152022CourtD/2?doc_id=XLT29DB6UN9MC8MCQLO6DLQUCA).
more (https://radioinsight.com/headlines/248753/cumulus-media-settles-401k-class-action-erisa-lawsuit/)