THE WHAT? L Brands has agreed to pay US$2.75 million settlement as part of a class action lawsuit, relating to claims the company charged unreasonable fees as well as making high-cost investments with employee 401(k) funds, according to Top Class Actions.
THE DETAILS Former and current plan participants of L Brands’ 401(k) claim that they lost money due to the company failing to meet its fiduciary duties under the Employee Retirement Income Security Act (ERISA).
L Brands is said to have allowed service providers to charge unreasonable record-keeping and administrative expenses to the plan, as well as allegedly selecting high-cost investments for the plan, as opposed to better ones that would have resulted in better plan performance.
THE WHY? The ERISA class action lawsuit claims, “Plaintiff and all Plan participants suffered financial harm as a result of the Plan’s imprudent investment options and excessive fees, and were deprived of the opportunity to invest in prudent options with reasonable fees, among other injuries.”
The settlement will benefit participants of L Brands’ 401(k) savings and retirement plan between November 23, 2014, and September 20, 2022.
Medical aesthetic products refer to a category of products used in the field of medical aesthetics, which combines medical practices with cosmetic procedures to improve the appearance of individuals. These products are typically used under the supervision of trained medical professionals such as dermatologists, plastic surgeons, or specialized nurses. They are distinct from over-the-counter cosmetics in that they often contain higher concentrations of active ingredients or require medical expertise for their application.
Examples of medical aesthetic products include:
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Dermal Fillers: Injectable substances used to restore volume, fill wrinkles, and enhance facial contours. These may include hyaluronic acid fillers like Juvederm or collagen-stimulating fillers like Sculptra.
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Botulinum Toxin (Botox): Injectable neurotoxins used to temporarily paralyze facial muscles, reducing the appearance of wrinkles and fine lines caused by facial expressions.
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Chemical Peels: Solutions containing chemical exfoliants like glycolic acid, salicylic acid, or trichloroacetic acid, used to improve skin texture, treat acne scars, and reduce hyperpigmentation.
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Laser and Light Devices: Equipment used for various skin treatments, including hair removal, skin resurfacing, tattoo removal, and treatment of vascular and pigmented lesions.
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Prescription Skincare Products: Formulations containing active ingredients such as retinoids (e.g., tretinoin), hydroquinone, or prescription-strength antioxidants, designed to address specific dermatological concerns under medical supervision.
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Microneedling Devices: Devices that create tiny punctures in the skin to stimulate collagen production and improve skin texture and elasticity.
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Cosmeceuticals: High-quality skincare products that bridge the gap between cosmetics and pharmaceuticals, often containing biologically active ingredients with proven efficacy.
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