Ricoh USA Inc. informed federal judges in Pennsylvania Thursday that it has reached settlements to resolve two class-action lawsuits claiming the company mismanaged its $2 billion retirement plan, including one case in which excessive fee allegations were revived by the Third Circuit.
The suits, which targeted the American subsidiary of the Japanese technology giant, were filed in coordination with former employees alleging violations of the Employee Retirement Income Security Act (ERISA). The settlements end two proposed class actions — one led by Cleo Batten and the other by Keith Kruchten — which accused Ricoh of overcharging plan participants and misusing forfeited funds to cover the company’s contribution obligations rather than plan management costs.
Settlement Details and Next Steps
While financial details of the agreements remain undisclosed, the parties said they plan to consolidate the Batten and Kruchten actions for settlement purposes. They anticipate filing for preliminary court approval by Jan. 15, 2026.
In the 2022 Kruchten suit, plaintiffs alleged Ricoh cost employees millions in retirement savings by imposing excessive management fees ranging from $61 to $103 per year per participant, compared to $23 to $36 in comparable plans. U.S. District Judge Juan R. Sánchez initially dismissed the case, citing differences in the types of plan management services provided. After an amended complaint was again dismissed in April 2023, Kruchten appealed.
In July 2024, the Third Circuit ruled the lower court had acted prematurely, stating that factual claims regarding fee comparisons should proceed through discovery.
