Plaintiff filed a class action complaint against Grifols on behalf of a class of Plan participants, alleging that Grifols violated ERISA by breaching fiduciary duties owed to the Plan and/or the Plan’s participants under ERISA by causing the Plan to incur higher administrative, managed account, and investment fees and expenses than reasonable and necessary. A complete description of Plaintiff’s allegations is in the Complaint.

Grifols has denied and continues to deny Plaintiff’s claims and allegations in their entirety, denies that it is liable at all to the Plaintiff or the Class Members, and denies that the Plaintiff, Class Members, or the Plan have suffered any harm or damage for which Grifols could or should be held responsible, as Grifols denies all allegations of wrongdoing and asserts that its conduct was lawful. Grifols is settling the Action solely to avoid the expense, inconvenience, inherent risk and disruption of litigation.

The Court has not decided in favor of either side in this Action. Instead, both sides agreed to a settlement. That way, both sides avoid the cost and risk of a trial, and the affected current and former Plan participants will get substantial benefits that they would not have received if Plaintiff had litigated the case and lost. The Plaintiff and his attorneys believe the Settlement is in the best interests of the Class Members and the Plan.

Class Members do not have to submit claim forms in order to receive settlement benefits. The benefits of the Settlement will be distributed automatically once the Court approves the Settlement, either to Class Members’ Plan accounts (for Plan participants with a Plan account) or by check (for former Plan participants without a Plan account, and eligible Beneficiaries and Alternate Payees of Class Members).

Payments are contingent on the Settlement receiving final approval. The hearing to consider the final fairness of the Settlement is scheduled for March 13, 2024.

No. If the Court approves the Settlement, you will be bound by it and will receive whatever benefits you are entitled to under its terms. You cannot exclude yourself from the Settlement, but you may notify the Court of your objection to the Settlement. If the Court approves the Settlement, it will do so under Federal Rule of Civil Procedure 23(b)(1), which does not permit Class Members to opt out of the Class.

You can object to the Settlement if you don’t like any part of it. If you object, you must give the reasons why you think the Court should not approve the Settlement. The Court will consider your views. Your objection to the Settlement must be postmarked no later than February 21, 2024 and must be sent to the Court and the attorneys for the Parties.

A Fairness Hearing has been set for March 13, 2024 at 1:30 p.m. The hearing may be conducted telephonically, by video conference, or in person before The Honorable Sherilyn Peace Garnett at the First Street Courthouse, 350 West 1st Street, Courtroom 5C, Los Angeles, CA 90012. At the hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. The Court will hear any comments, objections, and arguments concerning the fairness of the proposed Settlement, including the amount requested by Class Counsel and Local Counsel for attorneys’ fees and expenses and the incentive award to Plaintiffs as the Class Representatives. You do not need to attend this hearing. You also do not need to attend to have an objection considered by the Court.