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12/3/2024 Update:
The fairness hearing has been reset to March 7, 2025 at 10:30 AM and will be held at the U.S. District Court, 299 E. Broward Blvd., Courtroom 205B, Fort Lauderdale, Florida, 33301.
NOTICE OF CLASS ACTION SETTLEMENT AGREEMENT
A notice was sent alerting class memebers to the Settlement of Rzepkoski v. Nova Southeastern University, Case No. 0:22-cv-61147 (S.D. Fla.) (the “Action”). On June 16, 2022, Plaintiff Rzepkoski filed a Class Action Complaint asserting claims under the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. §§ 1109, 1132, for breach of fiduciary duties against Nova Southeastern University (“Defendant”). On May 5, 2023, Plaintiff filed a First Amended Class Action Complaint. The Settlement, if approved by the Court, would release Defendant and related parties from any claims filed against them in the Action. The terms and conditions of the Settlement are set forth in a Class Action Settlement Agreement (the “Settlement Agreement”). Capitalized terms used in this Notice but not defined in this Notice have the meanings assigned to them in the Settlement Agreement. The Settlement Agreement and additional information with respect to the Action and the Settlement are available on this website.
The Parties have agreed to settle this case for $1,500,000.00 (the “Gross Settlement Amount”). Defendant also agreed to retain an ERISA Consultant to review the investments offered on the Nova Southeastern University 401(k) Plan’s investment menu and to opine as to retaining or replacing said investments. Defendant further agreed to initiate Requests for Proposals as to recordkeeping services for the Nova Southeastern University 401(k) Plan. The Court has preliminarily approved the Settlement, which provides for allocation of Settlement funds to Settlement Class Members.
The Court has scheduled a hearing concerning Final Approval of the Settlement and Class Counsel’s anticipated motion for attorney’s fees and costs. That hearing, before the Honorable William P. Dimitrouleas is scheduled on February 28, 2025, March 7, 2025 at 10:30 a.m. in Courtroom 205B, at the U.S. District Court, 299 East Broward Boulevard, Fort Lauderdale, Florida 33301. This hearing has been moved to March 7, 2025.
If Final Approval is granted, the Settlement will bind you as a Member of the Settlement Class. You may appear at this hearing and/or object to the Settlement. Any objection to the Settlement and/or the motion for attorney’s fees and costs, must be served in writing on the Court and the Parties’ counsel. More information about the hearing and how to object is explained below.
YOUR LEGAL RIGHTS WILL BE AFFECTED WHETHER OR NOT YOU TAKE ANY ACTION. READ THIS NOTICE CAREFULLY. PLEASE DO NOT CONTACT DEFENDANT OR THE COURT. THEY WILL NOT BE ABLE TO ANSWER YOUR QUESTIONS.
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YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT |
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You can do nothing. (No action is necessary to receive a payment.) |
If the Settlement is approved by the Court and you are a Member of the Settlement Class entitled to a payment under the Plan of Allocation, you need not do anything to receive a payment. |
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You can submit an objection. (It must be postmarked by January 29, 2025.) |
If you wish to object to any part of the Settlement, you may write to the Court and Counsel and explain why. For more information and where to send your objection, see Question 13, below. |
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You can appear at the Final Fairness Hearing on |
If you submit a written objection to the Settlement before the Court-Approved Deadline, you may (but do not have to) speak in Court about the fairness of the Settlement. |
These rights and options—and the deadlines to exercise them—are explained fully in the Notice, which is available on the Important Documents page. Information concerning your individual share of the Net Settlement Amount will not be available for a number of months after the Court grants Final Approval of the Settlement and any appeals are resolved. Thank you for your patience.