Strategic Retirement Advisors, Llc

Allegations: PLAINTIFF ALLEGES STRATEGIC RETIREMENT ADVISORS, LLC (SRA) ADVISED IT TO ESTABLISH A NEW QUALIFIED GOVERNMENTAL DEFINED CONTRIBUTION PLAN. PLAINTIFF ALLEGES THIRD-PARTY ADMINISTRATOR AND CUSTODIAN, ALSO NAMED DEFENDANTS, DID NOT PROPERLY ESTABLISH AND ADMINISTER THE NEW PLAN; AND ITS PRIOR PLAN'S THIRD-PARTY ADMINISTRATOR DID NOT PROPERLY TERMINATE THE OLD PLAN. PLAINTIFF ALLEGES THE THIRD-PARTY ADMINISTRATORS' AND CUSTODIAN'S ACTS JEOPARDIZED THE TAX-QUALIFIED STATUS OF THE OLD PLAN, AND COULD LEAD TO IRS TAX LIABILITY. Status: Final Summary: SRA DID NOT BREACH ANY DUTIES TO PLAINTIFF, AND DID NOT CAUSE ANY OF THE ALLEGED INJURIES. PLAINTIFF'S INJURY, IF ANY, WERE CAUSED BY THE ALLEGED FAILURES OF THE THIRD-PARTY ADMINISTRATORS AND CUSTODIANS. SRA WAS NEITHER A THIRD-PARTY ADMINISTRATOR NOR A CUSTODIAN OF ANY OF PLAINTIFF'S PLANS, AND HAD NO ABILITY TO TERMINATE, ESTABLISH, OR ADMINISTER ANY SUCH PLANS. THEREFORE, SRA DID NOT OWE ANY OF THE ALLEGED DUTIES TO PLAINTIFF, COULD NOT HAVE COMMITTED THE ALLEGED BREACHES OF DUTY, AND COULD NOT HAVE CAUSED ANY OF THE HARMS PLAINTIFF CLAIMS TO HAVE SUFFERED. FURTHER, PLAINTIFF DOES NOT ALLEGE THAT THE PLAN WAS IMPROPER-ONLY THAT THE CO-DEFENDANTS ALLEGEDLY FAILED TO ADMINISTER THEM PROPERLY, WHICH RESULTED IN THE TAX-QUALIFIED STATUS OF ONE OF THE PLANS BEING JEOPARDIZED. PLAINTIFF FAILS TO STATE ANY CLAIM OF WRONGDOING AGAINST SRA. ACCORDING TO THE NOW FINAL SETTLEMENT AGREEMENT, PLAINTIFF AND SRA DENY LIABILITY TO EACH OTHER ON ANY BASIS WHATSOEVER AND DENY ALLEGATIONS OF WRONGDOING MADE IN CONNECTION WITH THE DISPUTE.