Westar Energy 401k Plan

IFS was retained by the plan to analyze the terms of the settlement of a class action alleging breaches of fiduciary by the plan's fiduciaries associated with the plan's ownership of Westar stock and determine whether the settlement was reasonable. Working with outside counsel, IFS reviewed the relevant plan documents and court filings and interviewed the attorneys involved in the lawsuit and the mediator who conducted the settlement discussions. We determined that the settlement was reasonable and that a release by the plan in connection with the settlement complied with the requirements of a Department of Labor prohibited transaction class exemption governing settlements of litigation by benefit plans subject to ERISA.