Notification of Settlements in Class Action Lawsuit

A recent development has seen several members of the Pennsylvania Public School Employees’ Retirement System (PSERS) receive correspondence and a check from PSERS SHARED RISK QSF as part of a settled lawsuit that involved claims against four of PSERS’ outside investment consultants by PSERS members. Although PSERS itself is not directly involved in the lawsuit or the settlement, the mailings members are receiving are legitimate. It is essential to understand that while some PSERS members have been identified as part of the class affected by the claims in the lawsuit, not all PSERS members are impacted by this action.

The checks being distributed to members are a result of a settlement with two of the defendants in the litigation, with ongoing legal proceedings involving the other two defendants. Therefore, it is possible that more members will receive similar correspondence if further settlements are reached. The sums being provided to members are determined based on various factors agreed upon by the parties involved in the lawsuit. Since PSERS is not a party to the lawsuit, they are unable to provide any additional details or information regarding the case.

Those who wish to obtain further information about the class action lawsuit or inquire about any related matters are encouraged to reach out to the PSERS Shared Risk Class Action Settlement Administrator. Members can visit the provided website or call the designated telephone number listed in the notice to address their questions or concerns.

This recent development serves as a reminder to PSERS members to remain informed about any updates concerning the lawsuit and settlement. While the present distributions only affect certain individuals within the PSERS system, it is crucial to pay attention to any future communications that may be sent out regarding additional settlements with the remaining defendants. PSERS operates with the understanding that transparency and clarity are paramount when dealing with matters that impact its members and their financial interests.

In conclusion, the ongoing class action settlements involving PSERS members and outside investment consultants demonstrate the importance of diligence and accountability in safeguarding the financial well-being of public employees. As the situation unfolds, it is critical for affected members to stay informed and seek clarification on any uncertainties they may have regarding the settlements or related proceedings. PSERS remains committed to maintaining the trust and integrity of its system for the benefit of its members and upholding its responsibilities as a retirement fund for public school employees.