Miller Shah LLP Announce Proposed Class Action Settlement on Behalf of Participants in the L Brands, Inc. 401(k) Savings and Retirement Plan

COLUMBUS, Ohio, Nov. 4, 2022 /PRNewswire/ -- Miller Shah LLP announce that the United States District Court for the Southern District of Ohio has approved the following announcement of a proposed class action settlement that would benefit participants in the L Brands, Inc. 401(k) Savings and Retirement Plan:

IN THE UNITED STATES DISTRICT COURT 
FOR THE SOUTHERN DISTRICT OF OHIO

               DONNA ALLISON,                                                                              Civil Action No.
               individually and as a representative of a class of                                2:20-CV-06018-EAS-CMV
               similarly situated persons, on behalf of the                                   
               L BRANDS, INC. 401(K) SAVINGS                                               
               AND RETIREMENT PLAN,                                                            
                                                                                                                         
                                                             Plaintiff,                                                 
                                                                                                                                                                                                                                                                                                
                                 v.                                                                                         
                                                                                                                            
               L BRANDS, INC., L BRANDS SERVICE                                             
               COMPANY, LLC, THE RETIREMENT PLAN                                   
               COMMITTEE OF THE L BRANDS, INC.                                            
               401(K) SAVINGS AND RETIREMENT PLAN,                                
               and DOES NO. 1-10, Whose Names Are                                       
               Currently Unknown,                                                                         
                                                                                                                       
                                                            Defendants.                                           
               __________________________________________                   

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION AND
SETTLEMENT FAIRNESS HEARING

TO: ALL PARTICIPANTS IN THE L BRANDS, INC. 401(K) SAVINGS AND RETIREMENT PLAN (THE "L BRANDS PLAN") BETWEEN NOVEMBER 23, 2014 AND SEPTEMBER 20, 2022 (THE "SETTLEMENT CLASS PERIOD").

PLEASE READ THIS NOTICE CAREFULLY.
A FEDERAL COURT AUTHORIZED THIS NOTICE.
THIS IS NOT A SOLICITATION.
YOU ARE NOT BEING SUED.

A settlement has been preliminarily approved by a federal court in a class action lawsuit by Plaintiff, Donna Allison ("Plaintiff"), on behalf of herself and on behalf of the Settlement Class against L Brands, Inc. ("L Brands"), the L Brands Service Company, LLC, and the Retirement Plan Committee of the L Brands, Inc. 401(k) Savings and Retirement Plan ("Committee") (collectively, "Defendants"), alleging breaches of fiduciary duties under the Employee Retirement Income Security Act of 1974 ("ERISA"). This Settlement will provide for a payment of $2,750,000, less any Court-approved fees and expenses, and administrative costs, to the L Brands Plan, which will then be allocated to current and former participants in the L Brands Plan who had accounts during the Settlement Class Period. All capitalized terms not otherwise defined in this Summary Notice of Class Action Settlement have the meaning provided in the Settlement Agreement (the "Agreement") available on the Settlement website (provided below). If you currently have an active account in the L Brands Plan, you will receive a Settlement payment without taking any further action. You do not need to send in a claim or take any other action to participate in the Settlement and receive a Settlement payment. If you do not have an active account with the L Brands Plan, you need to file a Claim Form to obtain a payment. YOU SHOULD READ THIS NOTICE CAREFULLY AS THE PROPOSED SETTLEMENT AFFECTS YOUR LEGAL RIGHTS. IF YOU DO NOTHING, YOU WILL BE BOUND BY THE JUDGMENT AND THE SETTLEMENT AGREEMENT, INCLUDING THE RELEASE CONTAINED IN THE SETTLEMENT AGREEMENT. The United States District Court for the Southern District of Ohio authorized this Notice.

WHO IS INCLUDED IN THE SETTLEMENT?

If you were a participant in the L Brands Plan at any time during the period from November 23, 2014 to September 20, 2022, inclusive, or you were a beneficiary or alternate payee of any such participant, then you are a member of the Settlement Class (a "Settlement Class Member").

WHAT IS THIS CASE ABOUT?

Plaintiff claims that Defendants breached their fiduciary duties under ERISA. Plaintiff's allegations are described in more detail in the Class Action Complaint ("Complaint") available on the Settlement website. All Defendants deny any wrongdoing, and nothing in the Agreement is an admission or concession on the Defendants' part of any fault or liability whatsoever. Both sides agreed to the Settlement to avoid the cost, burden, and risk of further litigation.

WHAT DOES THE SETTLEMENT PROVIDE?

Defendants have agreed to create a Settlement Fund totaling $2,750,000 to be divided among eligible Settlement Class Members after payment of attorneys' fees and expenses to Class Counsel, a Case Contribution Award to the Class Representative, and payment of other costs and expenses of the Settlement, including notice and claims administration, as the Court may allow. The Agreement, other related documentation, and a list of Frequently Asked Questions, available at the Settlement website identified below, describe the details of the proposed Settlement. Your share (if any) of the Settlement Fund will depend upon the amount and value of your L Brands Plan account(s) during the Settlement Class Period. This Settlement releases certain claims against Defendants relating to the expenses of the L Brands Plan during the Settlement Class Period and releases all claims that were or could have been brought in the lawsuit based upon the allegations in the Complaint.

HOW DO I RECEIVE A PAYMENT?

If you are a Settlement Class Member or you are a beneficiary or alternate payee of such an individual, have an active account in the L Brands Plan, and you are entitled to a share of the Settlement Fund according to the Agreement, then you are not required to do anything to receive a payment. The payment will be made directly to your L Brands Plan account(s). If you are a Settlement Class Member and you do not currently have an active account in the L Brands Plan, or you are a beneficiary or alternate payee of a participant who does not have an active account in the L Brands Plan, you will need to file a Former Participant Claim Form in order to receive a payment from the Settlement Fund. If your address has changed since you closed your Plan account(s), please contact the Settlement Administrator toll-free at 866-274-4004 or by email at [email protected] to advise of the change of address.

CAN I OBJECT TO OR OPT OUT OF THE SETTLEMENT?

You do not have the right to exclude yourself from the Settlement in this case, but you do have the right to object, including to the amount of attorneys' fees and expenses requested by Class Counsel and the amount of the Case Contribution Award requested for the Class Representative. You may object by writing to the Court. You will be bound by any judgments or orders that are entered in this Action, and if the Settlement is approved, you will be deemed to have released all of the Defendants from all claims that were or could have been asserted in this case, including all Claims as defined under the Agreement, other than your right to obtain the relief provided to you, if any, by the Settlement.

The Court will hold a hearing in this case on January 25, 2023 at 9:30 a.m., in the courtroom of the Honorable Edmund A. Sargus, Room 301 of the United States District Court for the Southern District of Ohio, Eastern Division, Joseph P. Kinneary United States Courthouse, 85 Marconi Boulevard, Columbus, Ohio 43215, to consider whether to approve the Settlement and a request by the lawyers representing all Settlement Class Members, Class Counsel, for attorneys' fees and expenses, for a Case Contribution Award to the Class Representative, and for other case-related expenses. If approved, these amounts will be paid from the Settlement Fund. You may ask to speak at the hearing by filing a Notice of Intention to Appear by January 10, 2023, but you are not required to speak at the hearing.

Although you cannot opt out of the Settlement, you may object to all or any part of the Settlement and/or the Motion for Attorneys' Fees filed by Class Counsel and request for a Case Contribution Award in accordance with the instructions included in the long-form Notice of Proposed Settlement of Class Action and Settlement Fairness Hearing available at the Settlement website below. Objections must be written and submitted to the Court.  Objections must be postmarked, or, if not sent by United States Postal Service, received by the Court by December 23, 2022. Please note that the time, place, and date of the hearing may change without a further mailing. Class Counsel will update the Settlement website below if the hearing time or location is changed. The Settlement Fairness Hearing also may be held by video or teleconference. Please check the website or contact Class Counsel if you wish to confirm that the hearing time has not been changed and to determine if it is occurring in person or by video or teleconference.  

HOW DO I GET MORE INFORMATION?

If you are a Settlement Class Member and would like to receive additional information or to receive a copy of the long-form Notice of Proposed Settlement of Class Action and Settlement Fairness Hearing, you can obtain such information by (a) sending a letter to L Brands 401k Settlement Administrator, c/o Strategic Claims Services, 600 N Jackson St, Suite 205, Media, PA 19063; (b) sending an e-mail to [email protected]; (c) visiting the Settlement website at www.strategicclaims.net/lbrands401k/; or (d) calling toll-free at 866-274-4004.

SOURCE Miller Shah LLP