In the Class Action, the Class Representatives claim that the Defendants breached their fiduciary duties based on excessive administrative fees charged to Severance Plan participants with respect to only the salary increases of two individuals involved in the administration of the Plans, Defendant James Meltreger and non-party Vincent Senese. In addition, the Class Representatives claim that Defendants failed to timely provide certain information, including a copy of a summary plan description of the 401(k) Plan, that was requested by one of the Class Representatives. Defendants have denied and continue to deny all claims and contentions of the Class Representatives, that they are liable at all to the Class, and that the Class or the Plans have suffered any harm or damage for which Defendants could or should be held responsible. Defendants assess 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, after more than five years of litigation, 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. 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.

The Settlement Class is defined as consisting of the following three subclasses of individuals:

1. All participants and beneficiaries of the Severance Plan that were charged administrative fees in the Severance Plan at any time during the Class Period that resulted from employment of individuals in the bargaining unit in Elwood, Illinois by Parsec, Inc. that had terminated before January 1, 2016 who either (a) timely responded by June 8, 2025 to a letter dated May 8, 2025 sent by the Plan Administrator of the Severance Plan, or (b) received a distribution of their Severance Plan account between January 1, 2016 and June 8, 2025 (hereinafter, the “Pre-2016 Severance Plan Subclass”); and
2. All participants and beneficiaries of the Severance Plan that were charged administrative fees in the Severance Plan at any time during the Class Period that resulted from employment of individuals in the bargaining unit in Elwood, Illinois by Parsec, Inc. that had terminated on or after January 1, 2016 (hereinafter, the “Post-2016 Severance Plan Subclass”); and
3. All participants and beneficiaries of the 401(k) Plan that have had a positive account balance in the 401(k) Plan at any time during the Class Period that resulted from employment of individuals in the bargaining unit in Elwood, Illinois by Parsec, Inc. (hereinafter, the “401(k) Plan Subclass”).

The term “Class Period” means:

For the Pre-2016 Severance Plan Subclass and the Post-2016 Severance Plan Subclass, January 1, 2016 through October 1, 2025; and

For the 401(k) Plan Subclass, January 1, 2020 through October 1, 2025.

Under the Settlement, Defendants or, if applicable, their insurers will pay $615,250.00 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 Case Contribution Awards) will be allocated to Settlement Class Members in the Pre-2016 Severance Plan Subclass and the Post-2016 Severance Plan Subclass according to a Plan of Allocation to be approved by the Court. Settlement Class Members who are entitled to a distribution may receive their distribution as a check, or if they choose, as a rollover to a qualified retirement account.

Class Members in the 401(k) Plan Subclass will receive online access to the 401(k) Plan summary plan description document for a period of at least 90 days at this website following the Court’s final approval of the Settlement.

All Settlement Class Members and anyone claiming through them will fully release the Plans 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 related parties as outlined in the Settlement Agreement. The Released Claims include any claims against any of the Released Parties with respect to the Plans that were asserted or could have been asserted in the Class Action, and all claims relating to the implementation of the Settlement.

This is only a summary of the Released Claims and is not a binding description. The governing releases are found within the Settlement Agreement.

To receive a distribution from the Net Settlement Amount, you must be a “Settlement Class Member” of the Pre-2016 Severance Plan Subclass and the Post-2016 Severance Plan Subclass. The amount, if any, that will be allocated to you will be based upon records maintained by the Plans’ recordkeeper. Calculations regarding individual distributions will be performed by the Settlement Administrator, whose determinations will be final and binding, pursuant to the Court­approved Plan of Allocation.

Individuals in the Pre-2016 Severance Plan Subclass will each receive a payment of $25.00.

The amount of the Settlement distributions each Class Member in the Post-2016 Severance Plan Subclass is to receive depends on how often each Class Member’s account(s) in the Plans was charged administrative expenses during the period covered by the Settlement and what the Class Member’s account balance was relative to the account balance of all other Class Members in the Post-2016 Severance Plan Subclass. Such expenses were charged quarterly, and the Net Settlement Amount will be divided pro rata among Settlement Class Members in the Post-2016 Severance Plan Subclass based on the number of quarters that expenses were charged to each Class Member’s account(s) relative to the combined account balances of all Class Members in the Post-2016 Severance Plan Subclass. The Plan of Allocation factors in expenses charged quarterly beginning with the quarter ending March 31, 2016, and through the quarter ending September 30, 2025.

To be eligible for a distribution from the Net Settlement Amount, a Class Member’s account must have been charged administrative expenses during a quarter covered by the Settlement period. Therefore, for example, a Class Member who had an account in the Plans for less than one full quarter during the period covered by the Settlement will not be eligible for a Settlement distribution because no administrative expenses attributable to that quarter were charged to the Class Member’s account(s). Additionally, to be eligible for a distribution from the Net Settlement Amount, a Class Member must not have already received compensation related to the claims at issue in the lawsuit.

No amount shall be distributed to a Settlement Class Member that is ten dollars ($10.00) or less, because such an amount is de minimis and would cost more in processing than its value. The method of making these calculations is further described in the Plan of Allocation, found in paragraphs 28–39 of the Settlement Agreement and available at this website.

Members of the 401(k) Plan Subclass only (who are not also members of the Pre-2016 Severance Plan Subclass or the Post-2016 Severance Plan Subclass) will not receive a distribution from the Settlement Fund because the Settlement Fund is intended to address certain claims relating to administrative expenses charged to the Severance Plan. Instead, members of the 401(k) Plan Subclass only will receive access to the most recent 401(k) Plan summary plan description following the Court’s final approval of the Settlement.

No. The Settlement Class has been certified for settlement purposes under Federal Rule of Civil Procedure 23(b)(l). 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 for all claims that were asserted in the Class Action or are otherwise included as Released Claims under the Settlement. If you wish to object to any part of the Settlement, you may write to Class Counsel and Defendants’ counsel about why you object to the Settlement, as discussed below.

The Court has appointed the law firm of Dowd, Bloch, Bennett, Cervone, Auerbach & Yokich, LLP in Chicago, Illinois 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.

If you are a Settlement Class Member, you can object to the Settlement by mailing to Class Counsel and to Defendants’ counsel at the addresses below a written objection explaining why you object and providing any supporting documents. Your written objection must: (1) clearly identify the case name and number: DiDonato v National Production Workers Union Severance Trust Plan, et al., Case No. 19-cv-2694, (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 filed with the Court no later than thirty (30) calendar days prior to the Fairness Hearing to be considered. The Court’s address is Clerk of the Court, United States District Court for the Northern District of Illinois, Eastern Division, 219 S. Dearborn St., Chicago, IL 60604. Your written objection and supporting documents must also be mailed to Class Counsel and Defendants’ counsel no later than thirty (30) calendar days prior to the Fairness Hearing to be considered. Class Counsel and Defendants will have an opportunity to respond to your objection. Please note that the Court’s Order Granting Preliminary Approval of this Settlement provides that any party to the litigation may, but is not required to, serve discovery requests, including requests for documents and a notice of deposition not to exceed two hours in length, on any objector. Any responses to discovery, or any depositions, must be completed within ten (10) days of being served on the objector.

CLASS COUNSEL
J. Peter Dowd and Elizabeth L. Rowe
Dowd, Bloch, Bennett, Cervone, Auerbach & Yokich, LLP
8 S. Michigan Ave., 19th Floor
Chicago, IL 60603
312-372-1361

DEFENDANTS’ COUNSEL
Nancy G. Ross and Elaine Liu
Mayer Brown LLP
71 South Wacker Drive
Chicago, IL 60606
312-782-0600

The Court will hold a Fairness Hearing at 11:00 a.m., on March 11, 2026, at United States District Court for the Northern District of Illinois Eastern Division, Everett McKinley Dirksen United States Courthouse, 219 South Dearborn Street, Chicago, Illinois 60604, in Courtroom 1203. 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 Case Contribution Awards to Class Representatives. If there are objections, the Court will consider them then.

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.