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Your Class Action Notice advises you of the Settlement of Cannarozzo, et al., v. The Nemours Foundation, 3:23-cv-0136-BJD-LLL (M.D. Fla.) (the “Action”). On February 6, 2023, Plaintiff Jeanna Cannarozzo 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 The Nemours Foundation (“Defendant”). On June 14, 2024, 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 $2,275,000 (the “Gross Settlement Amount”). The Court has preliminarily approved the Settlement, which provides for allocation of Settlement funds to Settlement Class Members. The Court has scheduled a Final Fairness Hearing concerning Final Approval of the Settlement and Class Counsel’s anticipated motion for attorney’s fees and costs. That Final Fairness Hearing, before The Honorable Brian J. Davis, is scheduled on March 23, 2027, at 10:00 a.m. in Courtroom 12C, at the U.S. District Court, 300 North Hogan Street Jacksonville, Florida 32202. Judge Davis has the sole discretion to postpone or reschedule this Final Fairness Hearing. The Final Fairness Hearing may also occur remotely via video conference or by phone at the Court’s discretion.
If Final Approval is granted, the Settlement will bind you as a Member of the Settlement Class. You may appear at this Final Fairness 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 Final Fairness 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. YOU ARE REPRESENTED IN THIS MATTER BY CLASS COUNSEL.
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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 and you are 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 February 22, 2027.) |
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 the Frequently Asked Questions page. |
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You can appear at the Final Fairness Hearing on March 23, 2027. |
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 in this Notice. 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.
SUMMARY OF CASE
As described in more detail below, Plaintiffs’ First Amended Class Action Complaint alleges that Defendant breached fiduciary duties owed to participants in and beneficiaries of The Nemours Foundation Section 403(B) Plan, and each predecessor plan or successor plans, individually and collectively, and any trust created and attendant to all such plans (collectively, the “Plan”) during the Class Period. The Settlement also includes The Pediatric Medical Services of Florida, Inc. 401(k) Plan. Defendant denies these allegations. Copies of the Settlement Agreement and many other documents related to the Settlement are available on the Important Court Documents page.
SUMMARY OF SETTLEMENT
The Settlement Agreement provides that Defendant will pay $2,275,000, which will be deposited into an account called the Qualified Settlement Fund. After payment of attorneys’ fees and litigation costs, and any expenses related to administration of the Settlement, the amount remaining in the Qualified Settlement Fund shall constitute the Net Settlement Amount and will be allocated among Members of the Settlement Class according to a Plan of Allocation to be approved by the Court.
STATEMENT OF POTENTIAL OUTCOME OF THE ACTION
Class Counsel believe that the claims against Defendant are well-grounded in law and fact and that breaches of fiduciary duty under ERISA occurred in this case. However, as with any litigated case, Members of the Settlement Class would face an uncertain outcome if the Action were to continue against Defendant. Continued litigation of the Action could result in a range of possible recoveries, including a judgment or verdict greater or less than the recovery under the Settlement Agreement, or no recovery at all.
Class Counsel believe that this Settlement reflects a reasonable compromise in light of the range of possible outcomes. Class Counsel believe that the Settlement is preferable to continued litigation and is in the best interest of the Members of the Settlement Class because the Settlement provides certainty with respect to the amount of recovery and results in a prompt recovery.
Throughout this litigation, Defendant has denied and continues to deny the claims and contentions alleged by Plaintiffs. Defendant has strong and well thought-out defenses. Defendant believe it acted lawfully and properly at all times and at no time did it violate any ERISA duties. Nevertheless, Defendant has concluded that it is desirable for the Action to be fully and finally settled as to it and the other Releasees on the terms and conditions set forth in the Settlement Agreement.
The Court has not ruled in favor of either side. The Court has made no “merits” determinations of whether any side is right or wrong. Both sides agreed to the Settlement to ensure an early resolution and avoid the cost and risk of further prolonged litigation.