The Class Action
The case is called Walther, et al. v. Wood, et al., Case No. 23-cv-00294 (N.D. Ind.) (the “Class Action” or “lawsuit”). It has been pending since July 14, 2023. The Court supervising the case is the United States District Court for the Northern District of Indiana. The individuals who brought this lawsuit are called the Class Representatives, and the persons that were sued are called the Defendants. The Class Representatives—Martha Walther, Trent Kumfer, Jayme Lea, Megan Kelsey, Dave Lowe, and Carol Whisler—are former participants in the Plan. Defendants are John Wood, Brian Eagle, Patrick Buesching, Patrice Mauk, Rodney Strack, MPE Partners II, L.P., MPE Partners III, L.P., and Pareto Efficient Solutions, LLC. The claims in the lawsuit are described in Item 2 below.
The Settlement
Following negotiations facilitated by a mediator with the Class Representatives, Class Counsel, Defendants, and Defense Counsel, a Settlement has been reached. As part of the Settlement, a Qualified Settlement Fund of $7,000,000.00 will be established to resolve the claims against Defendants in the Action. The “Net Settlement Amount” is $7,000,000.00 minus any Court-Approved Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Service Awards. The Net Settlement Amount will be allocated to Settlement Class Members according to a Plan of Allocation to be approved by the Court and further described below in Item 5.
Statement of Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Service Awards Sought in the Class Action
Class Counsel has devoted significant time over the last three years to investigating the facts, prosecuting the lawsuit, reviewing documents obtained from Defendants and third parties, and negotiating the Settlement. During that time, they also have advanced significant costs, including mediation expenses and travel costs, necessary to pursue and resolve the case. Class Counsel took the risk of litigation and have not been paid for any of their time or for any of these costs throughout the time this case has been pending.
Class Counsel will apply to the Court for payment of Attorneys’ Fees for their work in the case. The amount of fees that Class Counsel will request will not exceed one-third of the Qualified Settlement Fund ($2,333,333.33). In addition, Class Counsel also will seek to recover their litigation costs advanced and Administrative Expenses associated with the Settlement. Any Attorneys’ Fees and Costs, and Administrative Expenses, awarded by the Court will be paid or reimbursed from the Qualified Settlement Fund.
Class Counsel also will ask the Court to approve payments, not to exceed $5,000, for each of the Class Representatives who aided in the investigation, took on the risk of litigation, participated in discovery, provided advice in advance of the mediation, and committed to spend the time necessary to bring the case to conclusion, including appearing at trial. Their activities also included assisting in the factual investigation of the case by Class Counsel, producing documents, and giving overall support to the case. Any Class Representative Service Awards awarded by the Court will be paid from the Qualified Settlement Fund.
A full and formal application for Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Service Awards will be filed with the Court on or before May 22, 2026, and will explain the bases for awarding Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Service Awards. This application will be made available at www.8020ERISASettlement.com. You may also obtain a copy of this application through the Public Access to Court Electronic Records System (PACER) at http://www.pacer.gov, or by appearing in person during regular business hours at the Office of the Clerk of the United States District Court for the Northern District of Indiana, 5400 Federal Plaza, Suite 2300, Hammond, IN 46320.
The Court caused the Notice to be sent to you because our records indicate that you may be a Settlement Class Member. If you fall within the definition of the Settlement Class, you have a right to know about the Settlement and about all of the options available to you before the Court decides whether to give its final approval to the Settlement. If the Court approves the Settlement, and after any objections and appeals are resolved, the Net Settlement Amount will be allocated among Settlement Class Members according to a Court-approved Plan of Allocation.
In the Class Action, the Class Representatives claim that the Defendants John Wood, Brian Eagle, Patrick Buesching, Patrice Mauk, and Rodney Strack improperly administered and terminated the Plan, and that Defendants MPE Partners II, L.P., MPE Partners III, L.P., and Pareto Efficient Solutions, LLC knowingly participated in the other Defendants’ improper administration and termination of the Plan. Defendants deny all claims and assert that they have always acted prudently and in the best interests of participants and beneficiaries.
The Court has not reached a final decision as to the Class Representatives’ claims. Instead, the Class Representatives and Defendants have agreed to the Settlement. The Settlement is the product of extensive negotiations between the Class Representatives, Defendants, and their counsel. These negotiations were facilitated by an experienced mediator. The parties to the Settlement have taken into account the uncertainty, risks, and costs of litigation and have concluded that it is desirable to settle on the terms and conditions set forth in the Settlement Agreement. The Class Representatives and Class Counsel believe that the Settlement is best for the Settlement Class. Nothing in the Settlement Agreement is an admission or concession on Defendants’ part of any fault or liability whatsoever. They have entered into the Settlement Agreement to avoid the uncertainty, expense, and burden of additional litigation.
Under the Settlement, Defendants will pay or cause to be paid $7,000,000.00 into a Qualified Settlement Fund to resolve the claims of the Settlement Class against Defendants. The Net Settlement Amount (after deduction of any Court-approved Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Service Awards) will be allocated to Settlement Class Members according to a Plan of Allocation to be approved by the Court (as explained further in Item 5, below). Settlement Class Members who are entitled to a distribution will receive their distribution as a rollover to a qualified retirement account or by electronic funds transfer or check.
All Settlement Class Members and anyone claiming through them will fully release the Plan as well as Defendants and the Released Parties from certain Released Claims, as defined in the Settlement Agreement. The Released Parties include each Defendant and certain other parties as outlined in the Settlement Agreement. The Released Claims include any claims against any of the Released Parties with respect to the Plan that were asserted in the Action against Defendants or could have been asserted against Defendants.
This is only a summary of the Released Claims and is not a binding description. The governing releases are found within Article 7 of the Settlement Agreement.
The amount, if any, that will be allocated to you will be calculated by the Settlement Administrator, whose determinations will be final and binding, pursuant to the Court-approved Plan of Allocation.
To receive a distribution from the Net Settlement Amount, you must be a “Settlement Class Member” as described on above.
There are 328 Settlement Class Members according to preliminary review of Plan records. Pursuant to the proposed Plan of Allocation, the Net Settlement Amount will be divided pro rata among Settlement Class Members. Each Settlement Class Member will have the opportunity to receive a share of the Net Settlement Amount (defined in the Settlement Agreement as their “Settlement Credit Amount”) based on the distribution the Settlement Class Member received at the Plan’s termination relative to all Termination Distributions to Settlement Class Members.
A more complete description regarding the details of the Plan of Allocation can be found in Article 5 of the Settlement Agreement.
A Rollover Form is enclosed with the Notice and explains the steps necessary to receive your share of the Settlement via direct rollover to an individual retirement account or qualified employer plan. You may also obtain the Rollover Form on the Settlement Website at www.8020ERISASettlement.com or by calling the Settlement Administrator at 1-800-416-6807. Rollover Forms should be submitted prior to the date set forth above for the Fairness Hearing. Settlement payments distributed via direct rollover will not be subject to automatic withholdings. Further information regarding rollovers can be described below in Item 17.
Alternatively, you can receive payment by electronic funds transfer (“EFT”) or check. You may submit a request for EFT payment. All other settlement payments will be mailed in the form of a check. You do not need to do anything to receive a check. However, because checks will be sent by mail, it is important to notify the Settlement Administrator (1-800-416-6807 or via the contact form at www.8020ERISASettlement.com of any changes to your mailing address. You may also notify Class Counsel (identified in Item 11, below) of any changes to your mailing address.
Payments made directly to Settlement Class Members by EFT or check are subject to automatic tax withholding and tax reporting, as determined by the Settlement Administrator. Any tax withheld by the Settlement Administrator may not constitute all tax that you may owe in connection with your settlement payment. You will be responsible for determining and paying any tax that is due but was not automatically withheld in connection with your settlement payment.
If you submit a Rollover Form but your requested rollover is not effectuated for any reason (for example, because your Rollover Form was submitted too late, the information that you provided was not sufficient, or the financial institution that you designated did not accept the rollover), the Settlement Administrator will attempt to mail you a check. Such checks will be subject to automatic tax withholding and reporting, as determined by the Settlement Administrator, and all other terms of the Settlement Agreement that apply to payments by check.
The timing of the distribution of the Net Settlement Amount is conditioned on several matters, including the Court’s final approval of the Settlement and any approval becoming final and no longer subject to any appeals in any court. An appeal of the Final Approval Order may take several years. If the Settlement is approved by the Court and there are no appeals, the Settlement distribution likely will occur within approximately four months of the Court’s Final Approval Order, unless there are unforeseen circumstances. There will be no payments under the Settlement if the Settlement Agreement is terminated.
No. The Class has been certified for Settlement purposes under Federal Rule of Civil Procedure 23(b)(1). Therefore, as a Settlement Class Member, you are bound by the Settlement (if it receives final Court approval) and any judgments or orders that are entered in the Action. If you wish to object to any part of the Settlement, you may file an objection with the Clerk of the Court and write to Class Counsel and Defense Counsel about why you object to the Settlement, as discussed below.
The Court has appointed the law firm of Engstrom Lee LLC in Minneapolis, Minnesota as Class Counsel in the Class Action. If you want to be represented by your own lawyer, you may hire one at your own expense.
Class Counsel will file a motion for an award of Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Service Awards prior to the objection deadline. This motion will be considered at the Fairness Hearing. Class Counsel will limit their application for Attorneys’ Fees to not more than one-third of the Gross Settlement Amount. In addition, Class Counsel will seek to recover all actual and anticipated litigation costs and administrative expenses associated with the Settlement. The Court will determine the amount of fees, costs, and administrative expenses that will be awarded, if any. All papers filed in this Action, including Class Counsel’s motion for Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Service Awards will be available for review on this website and via the Public Access to Court Electronic Records System (PACER).
If you are a Settlement Class Member, you can object to the Settlement by mailing to Class Counsel and to Defense Counsel at the addresses below a written objection explaining why you object and enclosing any supporting documents. Your written objection must (1) clearly identify the case name and number: Walther, et al. v. Wood, et al., Case No. 23-cv-00294 (N.D. Ind.); (2) include your full name, current address, and telephone number; (3) describe the position you wish to assert, including the factual and legal grounds for the position; (4) provide copies of all documents that you wish to submit in support of your position; (5) provide the name(s), address(es) and phone number(s) of any attorney(s) representing you; and (6) include your signature. Your written objection and supporting documents must be mailed to Class Counsel and Defense Counsel and postmarked no later than June 23, 2026 to be considered. Class Counsel and Defense Counsel will have an opportunity to respond to your objection. You also must file your objection with the Court by mailing or hand delivering it to the Clerk of Court of the United States District Court for the Northern District of Indiana, 5400 Federal Plaza, Suite 2300, Hammond, IN 46320. You can also find information about electronic filing on the Court’s website, https://www.innd.uscourts.gov/case-info/cm-ecf-case-info.
Class Counsel
Jennifer Lee
Carl Engstrom
Melissa Carrington
ENGSTROM LEE LLC
323 N. Washington Ave., Ste. 200 Minneapolis, MN 55401
Defense Counsel
Emily A. Kile-Maxwell
Philip J. Gutwein, II
FAEGRE DRINKER BIDDLE & REATH LLP
300 North Meridian Street, Suite 2500
Indianapolis, IN 46204
Defense Counsel
David K. Herzog
Molly E. Harkins Broadhead
Gregory A. English
HOOVER HULL TURNER, LLP
111 Monument Circle, Suite 4400 Indianapolis, IN 46204
Defense Counsel
G. Karl Fanter
Mary Pat Brogan
BAKER & HOSTETLER LLP
Key Tower
127 Public Square, Suite 2000 Cleveland, OH 44114
The Court will hold a Fairness Hearing at 10:00 am on July 14, 2026, at the United States District Court for the Northern District of Indiana, 5400 Federal Plaza, Hammond, Indiana 46320, in Courtroom 1 (Fourth Floor). At the Fairness Hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. The Court also will consider the motion for Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Service Awards. If there are objections, the Court will consider them then. You do not have to appear at the Fairness Hearing in order to have your objection considered by the Court. Please note that if the Fairness Hearing is rescheduled, or if it is held by video conference or telephone, a Notice will be posted on this website.
No, but you are welcome to come at your own expense. You may also make an appearance through an attorney at your own expense. If you send an objection, you do not have to come to the Court to talk about it. As long as you filed and mailed your written objection on time, the Court will consider it.
Yes. If you wish to attend and speak at the Fairness Hearing, you must file an intent of notice to participate with the Clerk of the Court and mail to Class Counsel and Defense Counsel (as identified in Item 11, above) a notice of intent to appear postmarked by June 23, 2026. In order to speak at the Fairness Hearing, you must also comply with the requirements for making an objection (described above in Item 11, above) if you wish to object to the Settlement.
If you are a “Settlement Class Member” as described above, and you do nothing, the Settlement Administrator will attempt to mail your pro rata share of the Net Settlement Amount directly to you via check, if the Settlement is finally approved.
If you have questions regarding the Settlement, you can call 1-800-416-6807, or write to Walther, et al. v. Wood, et al., c/o Atticus Administration at PO BOX 64053, Saint Paul, MN 55164, or email [email protected]. All papers filed in this lawsuit are also available for review via the Public Access to Court Electronic Records System (PACER), at http://www.pacer.gov, and can be reviewed in person during regular business hours at the Office of the Clerk of the United States District Court for the Northern District of Indiana, 5400 Federal Plaza, Suite 2300, Hammond, IN 46320. Please note that neither 80/20 nor any employees, attorneys, or representatives of 80/20 may advise you regarding the Settlement or how you should proceed.
Your Rollover Options
The Settlement Administrator has determined that the payment you are receiving from the Qualified Settlement Fund (“Fund”) is eligible to be rolled over to an IRA or an employer plan. This Q&A is intended to help you decide whether to do such a rollover. The Notice describes the rollover rules that apply to payments from the Fund.
How can a rollover affect my taxes? You will be taxed on a payment from the Fund if you do not roll it over. If you are under age 59½ and do not do a rollover, you will also have to pay a 10% additional income tax on early distributions (generally, distributions made before age 59½), unless an exception applies. However, if you do a rollover, you will not have to pay tax until you receive payments later and the 10% additional income tax will not apply if those payments are made after you are age 59½ (or if an exception to the 10% additional income tax applies).
What types of retirement accounts and plans may accept my rollover? You may roll over the payment to either an IRA (an individual retirement account or individual retirement annuity) or an employer plan (a 401(k), section 403(b) plan, or governmental section 457(b) plan) that will accept the rollover. The rules of the IRA or employer plan that holds the rollover will determine your investment options, fees, and rights to payment from the IRA or employer plan (for example, IRAs are not subject to spousal consent rules, and IRAs may not provide loans). Further, the amount rolled over will become subject to the tax rules that apply to the IRA or employer plan.
How do I do a rollover? There are two ways to do a rollover. You can do either a direct rollover or a 60-day rollover.
If you do a direct rollover, the Fund will make the payment directly to your IRA or an employer plan. You should contact the IRA sponsor or the administrator of the employer plan for information on how to do a direct rollover. The information they give you can then be used to complete the Settlement administration form. You generally need to have an account opened (even if it’s not funded) for an institution to process your rollover.
If you do not do a direct rollover, you may still do a rollover by making a deposit into an IRA or eligible employer plan that will accept it. Generally, you will have 60 days after you receive the payment to make the deposit. If you do not do a direct rollover, the Fund is required to withhold 20% of the payment for federal income taxes (up to the amount of cash and property received other than employer stock). This means that, in order to roll over the entire payment in a 60-day rollover, you must use other funds to make up for the 20% withheld. If you do not roll over the entire amount of the payment, the portion not rolled over will be taxed and will be subject to the 10% additional income tax on early distributions if you are under age 59½ (unless an exception applies).