IQVIA Inc. $3.5M Settlement for ERISA Violations

IQVIA Inc. has agreed to pay $3,500,000 to settle a class action lawsuit for alleged violations of the Employee Retirement Income Security Act (ERISA) in the administration of the IQVIA 401(k) Plan, formerly known as the Quintiles 401(k) Plan. This settlement could benefit current and former participants of the plan, including beneficiaries and alternate payees, who may be eligible for a payment.

Who Can Claim an Award?

To be eligible for a payment from this settlement, you must be a current or former participant in the IQVIA 401(k) Plan, or a beneficiary or alternate payee of such a participant, at any time between June 23, 2014, and May 24, 2024. If you fall into one of these categories, you are considered a Class Member and may be entitled to a portion of the settlement fund.

Class Members include:

• Current Participants: Individuals who have an active account in the IQVIA 401(k) Plan with a balance greater than $0 as of May 24, 2024.
• Former Participants: Individuals who had an account with a balance greater than $0 during the class period but do not have an active account as of May 24, 2024.
• Beneficiaries or Alternate Payees: Individuals who are beneficiaries or alternate payees of current or former participants in the plan.

What Awards Can Class Members Claim?

The exact amount each Class Member will receive depends on the Plan of Allocation, which considers factors such as the length of participation in the plan and the account balance during the class period.

• Current Participants: Payments will be made directly into their individual investment accounts in the plan.
• Former Participants: Payments can be received by check or as a tax-qualified rollover to an individual retirement account or other eligible employer plan. Former participants must submit a claim form to receive their payment.

Is Proof Required to Claim the Reward?

Yes, proof is required for certain categories of claimants. Specifically, former participants, beneficiaries, and alternate payees who do not have an active account in the plan must submit a Former Participant Claim Form to receive their payment.

• Current Participants: No proof required; payments will be made automatically to their plan accounts.
• Former Participants: Must submit a claim form by September 23, 2024.

How to Claim Your Award

For current participants, no action is needed as the payment will be made directly into your plan account.

For former participants, beneficiaries, and alternate payees, you must submit a claim form. You can file a claim online or mail the completed form to the settlement administrator at the address provided below.

Ensure that your claim form is received by the settlement administrator no later than September 23, 2024. If you have any questions or need assistance, you can contact the settlement administrator.

How do I Get Paid?

Payments will be made as follows:

• Current Participants: Payments will be deposited into their individual investment accounts in the plan.
• Former Participants: Payments can be received by check or as a tax-qualified rollover to an individual retirement account or other eligible employer plan.

$3,500,000 Settlement Fund Breakdown

The total settlement amount is $3,500,000. This amount will be distributed among the Class Members after deducting the following:

• Attorneys' fees: Up to one-third of the settlement amount ($1,166,666.67).
• Litigation expenses: Reasonable and necessary expenses incurred by Class Counsel.
• Case Contribution Awards: $12,500 each for the Class Representatives.
• Administrative expenses: Costs associated with administering the settlement.

Important Dates

• Deadline to File a Claim: September 23, 2024
• Final Approval Hearing: December 2, 2024

Why is There a Class Action Settlement?

The class action settlement addresses allegations that IQVIA Inc. violated ERISA in the administration of the IQVIA 401(k) Plan. The plaintiffs claimed that the defendants failed to manage the plan prudently and in the best interests of the participants. By agreeing to the settlement, the defendants avoid the costs and risks of further litigation, and the Class Members receive compensation without the need for a lengthy trial.

The next steps include the final approval hearing, where the court will determine whether the settlement is fair, reasonable, and adequate. If the court approves the settlement, payments will be distributed to eligible Class Members according to the Plan of Allocation.