What Is This Lawsuit About?

This litigation (the “Class Action”) is a class action in which Named Plaintiffs Craig Parmer and Mark A. Laurance allege that the Defendants breached fiduciary duties owed to the participants in and beneficiaries of the Plan under ERISA by, among other things, failing to attempt to reduce the Plan’s expenses or exercise appropriate judgment to scrutinize each investment option that was offered in the Plan to ensure it was prudent. A copy of the Complaint as well as other documents filed in the Class Action are available at the Important Documents page or from Class Counsel. Defendants have denied and continue to deny all of the claims and allegations in the Class Action and deny any liability or wrongful conduct of any kind. Defendants believe they have administered the Plan properly, prudently, and in the best interests of Plan participants.

A settlement fund consisting of $1,800,000.00 (one million eight hundred thousand dollars) in cash (the “Gross Settlement Amount”) is being established in the Class Action. The Gross Settlement Amount will be deposited into an escrow account, and the Gross Settlement Amount, together with any interest earned, will constitute the Qualified Settlement Fund. Payment of any taxes, approved attorneys’ fees, and litigation expenses; payment of Case Contribution Awards to the Named Plaintiffs; and the costs of administering the Settlement will be paid out of the Qualified Settlement Fund. After the payment of such fees, expenses, and awards, the amount that remains will constitute the Net Settlement Amount. The Net Settlement Amount will be allocated to Settlement Class members according to a Plan of Allocation to be approved by the Court.

Who Is In the Settlement Class?

You are a member of the Settlement Class if you fall within the definition of the Settlement Class preliminarily approved by Judge David S. Doty:

All persons who participated in the Plan at any time during the Class Period, including any Beneficiary of a deceased person who participated in the Plan at any time during the Class Period, and any Alternate Payee of a person subject to a Qualified Domestic Relations Order who participated in the Plan at any time during the Class Period. Excluded from the Settlement Class are the members of the Land O’Lakes, Inc. Retirement Plan Committee during the Class Period.

The “class period” referred to in this definition is from May 26, 2014 to June 28, 2022. If you are a member of the Settlement Class, the amount of money you will receive, if any, will depend upon the Plan of Allocation.