Plaintiffs and Huntington have agreed to a settlement that involves monetary payments to participants. These and other terms of the Settlement are set forth in the Class Action Settlement Agreement dated August 7, 2020 (“Settlement Agreement”), and described briefly below.
As part of the Settlement, Huntington has agreed to make a one-time payment of $10.5 million (the “Settlement Amount”). After deduction from the Settlement Amount for any amounts that the Court approves for settlement-related expenses (including Class Representative Service Awards to Plaintiffs, Attorneys’ Fees and Expenses to Class Counsel, certain Administrative Costs, and Taxes and Tax-Related Costs), the remaining amount (known as the “Distributable Settlement Amount”) will be distributed to Settlement Class Members. Monies will be distributed in accordance with the Plan of Allocation set forth in the Exhibit C to the Settlement Agreement, which can be found here.
Current Participants will have their share of the settlement proceeds deposited in their Plan account, provided that they still have one on the date the distribution is made. Former Participants will receive their settlement proceeds by check, unless they submit a Rollover Form directing the Settlement Administrator to roll over their payment to another tax-qualified retirement account.
To avoid disproportionate expenses in particular cases, the parties have agreed that no distribution will be made to any Settlement Class Member who (1) is a Former Participant and (2) would otherwise be entitled to an amount of less than $15 from the Distributable Settlement Amount. Current Participants are not subject to this restriction.