FREQUENTLY ASKED QUESTIONS
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 Representative claims that the Defendant improperly administered the Plan by failing to remove the GIA from the Plan’s investment lineup after December 2021 and failing to mitigate the risk of a negative market-value adjustment of the assets invested in the GIA. Defendant denies the claims and asserts that it has always acted prudently and in the best interests of participants and beneficiaries.
The Court has not reached a final decision as to the Class Representative’s claims. Instead, the Class Representative and Defendant have agreed to the Settlement. The Settlement is the product of extensive negotiations between the Class Representative, Defendant, and their respective counsel. These negotiations were facilitated by an experienced mediator with knowledge of ERISA. 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 Representative and Class Counsel believe that the Settlement is best for the Settlement Class. Nothing in the Settlement Agreement is an admission or concession on Defendant’s part of any fault or liability whatsoever. Defendant has entered into the Settlement Agreement to avoid the uncertainty, expense, and burden of additional litigation.
Under the Settlement, Defendant will cause $650,000.00 to be paid into a Qualified Settlement Fund to resolve the claims of the Settlement Class against Defendant. The Net Settlement Amount (after deduction of any Court-approved Attorneys’ Fees and Costs, Case Contribution Award, and Administrative Expenses) 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).
All Settlement Class Members and anyone claiming through them will fully release Defendant and the Released Parties from certain Released Claims, as defined in the Settlement Agreement. The Released Parties include 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 Plan that were asserted in the Class Action against Defendant, or which could have been asserted against Defendant in connection with the Class Action.
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, which is available HERE.
You may be entitled to payment of a portion of the Net Settlement Amount. The amount paid to each Settlement Class Member will be determined by a Plan of Allocation.
As explained below, if you are a Settlement Class Member who is a current employee or Beneficiary or Alternate Payee of a current employee who has an Active Account in the Plan (a “Current Participant”), payment shall be made into your account in the Plan.
If you are a Settlement Class Member who is a former employee or Beneficiary or Alternate Payee of a former employee who no longer has an Active Account in the Plan (a “Former Participant”), you will need to submit a Rollover Form by the submission deadline (April 16, 2026) if you would like to request your payment under the Settlement to be directly rolled over to an individual retirement account/annuity or to another eligible employer-sponsored qualified retirement plan. If you do not submit a Rollover Form, depending on the amount of your payment, you may be issued a check (with taxes withheld), or your payment may be rolled over to a Plan-designated IRA or deposited in the Plan and allocated to a recreated account for your benefit.
The amount, if any, that will be allocated to you will be based upon records provided by the Plan’s Recordkeeper. Calculations regarding individual distributions will be performed 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 page 1 of the Notice (or HERE).
According to preliminary review of Plan records, there are 100 Settlement Class Members. Pursuant to the proposed Plan of Allocation, the Net Settlement Amount will be divided 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”) equal to the Net Settlement Amount multiplied by the percentage of assets invested in the GIA at the time of the market-value adjustment that occurred on or about January 2024, (which was associated with the termination of the GIA contract). In addition, any Settlement Credit Amounts distributed but not claimed shall be distributed pro rata to Settlement Class Members who claimed their Settlement Credit Amounts. The Settlement Agreement provides the following illustrative example of the proposed Plan of Allocation:
For illustrative purposes, if it is assumed that (i) the Net Settlement Amount equals $550,000.00; (ii) the total amount of assets invested in the GIA immediately following the market-value adjustment equals $13,041,782.00; and (iii) Class Member A’s Plan account was invested in $40,000.00, then Class Member A’s Settlement Credit Amount equals $1,686.89. This is because Class Member A’s percentage of the GIA assets equals 0.3067% ($40,000/$13,041,782=0.003067), and the Net Settlement Amount multiplied by 0.3067% equals $1,686.89 ($550,000*0.003067=$1,686.89).
A more complete description regarding the details of the Plan of Allocation can be found in the Settlement Agreement, which is available HERE.
Settlement Class Members do not need to submit a claim to be eligible for a payment under the Settlement. If you are a Current Participant (i.e., you have an Active Account in the Plan), you will receive any payment for which you are eligible, automatically, in your Plan account.
If you are a Former Participant (i.e., do not have an Active Account in the Plan), you can submit a Rollover Form by the submission deadline if you would like to receive any payment to which you are eligible, rolled over to an individual retirement account/annuity or another eligible employer-sponsored qualified retirement plan. Otherwise, depending on the amount of your payment, you may be issued a check (with taxes withheld), or your payment may be rolled over to a Plan-designated IRA or deposited in the Plan and allocated to a recreated account for your benefit.
The timing of the distribution of the Net Settlement Amount is conditioned on several matters, including the Court’s final approval of the Settlement in this Action and any approvals 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 in this Action, 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). 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 Class 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 Plaintiff’s Counsel and Defense Counsel about why you object to the Settlement, as discussed below.
The Court has appointed the law firms of Engstrom Lee LLC and Morgan & Morgan, P.A. as Plaintiff’s 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, Case Contribution Award, and Administrative Expenses, prior to the objection deadline. This motion will be considered at the Fairness Hearing. Class Counsel will limit their application for Attorneys’ Fees and Costs to no more than one-third (1/3) of the Class Settlement Amount. In addition, Class Counsel will seek to recover Administrative Expenses associated with the Settlement as well as a Case Contribution Award for the Class Representative. The Court will determine the amount of fees, costs, Case Contribution Award, and Administrative Expenses that will be awarded, if any. All papers filed in this Class Action, including Class Counsel’s motion for Attorneys’ Fees and Costs, Case Contribution Award, and Administrative Expenses, will be available for review HERE, and via the Public Access to Court Electronic Records System (PACER), available online at http://www.pacer.gov.
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: Allison v. Republic Mortgage Insurance Company, Case No. 1:24-cv-00950-CCE-LPA; (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 March 17, 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 Middle District of North Carolina, L. Richardson Preyer Courthouse, 324 W. Market Street, Greensboro, North Carolina 27401-2544.
| Class Counsel | Defense Counsel |
| Jennifer K. Lee ENGSTROM LEE LLC 323 N. Washington Ave., Suite 200 Minneapolis, Minnesota 55401 Jean S. Martin Marc R. Edelman MORGAN & MORGAN, P.A. 201 N. Franklin Street, Suite 700 Tampa, Florida 33602 | Todd D. Wozniak Lindsey R. Camp HOLLAND & KNIGHT, LLP 1180 West Peachtree Street NW Suite 1800 Atlanta, Georgia 30309 |
The Court will hold a Fairness Hearing at 2:00 p.m. on April 16, 2026, in Courtroom 3, the United States District Court for the Middle District of North Carolina, L. Richardson Preyer Courthouse, 324 W. Market Street, Greensboro, North Carolina 27401-2544. 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, Case Contribution Award, and Administrative Expenses. 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 the Settlement Website, HERE.
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 a notice of intent to participate with the Clerk of the Court and mail to Class Counsel and Defense Counsel (as identified in Item 12, above) a notice of intent to appear postmarked by April 2, 2026. In order to speak at the Fairness Hearing, you must also comply with the requirements for making an objection (described above in Item 12, above), if you wish to object to the Settlement.
IF YOU DO NOTHING AND THE COURT APPROVES OF THE SETTLEMENT, YOU AND ALL OTHER CLASS MEMBERS WILL BE BOUND BY THE JUDGMENT AND SETTLEMENT AGREEMENT, INCLUDING THE RELEASE OF CLAIMS.
If you are a Current Participant, or a Beneficiary or Alternate Payee of a Current Participant with an Active Account in the Plan, you do not need to take any action to be eligible to receive the Settlement benefits.
If you are a Former Participant, or a Beneficiary or Alternate Payee of a Former Participant and you do not have an Active Account in the Plan, there are a few ways you can receive your distribution automatically, depending on the amount of your distribution. If your distribution from the Settlement will be $1,000.00 or less, then you will automatically receive your distribution in the form of a check (with taxes withheld). If your distribution from the Settlement will be greater than $1,000.00 but equal to or less than $7,000.00, your distribution will automatically be deposited into an account in the Plan to be recreated for you and then automatically rolled into a Plan-designated IRA in the event you do not elect otherwise, prior to such account rollover. Finally, if your distribution from the Settlement is greater than $7,000.00 your distribution will automatically be deposited into an account in the Plan to be recreated for you.
If you have questions regarding the Settlement, you can review this website, call 800-272-5630, or write to the Settlement Administrator at RMIC Profit Sharing 401(k) Plan Litigation, c/o Atticus Administration, PO Box 64053, St. Paul, MN 55164, or [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 Middle District of North Carolina, L. Richardson Preyer Courthouse, 324 W. Market Street, Greensboro, North Carolina 27401-2544. Please note that RMIC, Republic Financial Indemnity Group, Inc., Old Republic International Corporation and any of their affiliates, current or former employees, attorneys, or representatives may not advise you regarding the Settlement or how you should proceed.