Zamansky LLC Successfully Obtains Preliminary Approval of J.C. Penney ERISA Class Action Settlement
Zamansky LLC, as sole interim class counsel, successfully obtained preliminary approval of a $4.5 million settlement for J.C. Penney employees in an ERISA class action over misrepresentations related to J.C. Penney’s “fair and square” pricing strategy.
In Law360’s JC Penney Wins Initial OK for $4.5M ERISA Deal article by Fola Akinnibi, Jacob Zamansky said, “[o]n behalf of the J.C. Penney employees, we are pleased and gratified that the court preliminarily approved the settlement.”
In The Dallas Morning News’ J.C. Penney employees win $4.5 million settlement for 401K losses in the Ron Johnson era by Maria Halkias, Jacob Zamansky further stated his satisfaction with the preliminary approval and added, “[i]t’s very difficult for any of these cases to even survive and settlements have been few and far between.” Zamansky LLC Partner Samuel Bonderoff, who also worked on the J.C. Penney case, echoed Zamansky’s sentiment regarding the challenging nature of maintaining ERISA class actions stating, “[t]hat’s the kind of difficult atmosphere we’re in.”
An article published about the settlement in InvestmentNews, J.C. Penney agrees to pay $4.5 million to settle 401(k) suit by Greg Iacurci, discusses the difficulties of bringing ERISA class action cases on behalf of current and former employees after the 2014 Supreme Court ruling in Fifth Third Bancorp v. Dudenhoeffer.
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