American Century, Mariner, Tortoise $25.5M Labor Settlement

Employees who worked for American Century, Mariner or Tortoise in the United States between Jan. 1, 2012, and Dec. 31, 2020, may qualify to receive a cash payment from a class action settlement.

American Century Companies Inc., Mariner Wealth Advisors LLC, Tortoise Capital Advisors LLC and related entities agreed to pay $25.5 million to resolve a lawsuit alleging they participated in a no-poach agreement. The lawsuit claimed this agreement unlawfully restricted competition for employees, resulting in suppressed wages and limited job mobility.

Who are the class members?

Class members must have worked for any of the following companies in the United States at any time from Jan. 1, 2012, through Dec. 31, 2020:

• 1248 Holdings LLC (formerly Bicknell Family Holding Co.)
• Mariner Wealth Advisors LLC (formerly Mariner Holdings LLC)
• Montage Investments LLC and its related entities (including companies with at least 50% direct or indirect ownership by Montage Investments LLC or Mariner Holdings LLC)
• Mariner LLC (formerly Mariner Wealth Advisors LLC)
• Mariner Capital Advisors LLC
• Tortoise Capital Advisors LLC
• TortoiseEcofin Parent Holdco LLC
• Ecofin Advisors LLC
• Tortoise Credit Strategies LLC
• Tortoise Investment Partners LLC
• Tortoise Index Solutions LLC
• TortoiseEcofin Investments Partners LLC
• Tortoise Securities LLC
• TI Services LLC
• Tortoise Parent Holdco LLC
• Tortoise Investments LLC
• American Century Cos. Inc.
• American Century Services LLC
• American Century Investment Management Inc.

The settlement administrator used company records to identify potential class members. Those who received a notice are likely included.

How much can class members get?

All eligible class members who do not opt out will receive a payment from the $25.5 million settlement fund.

The settlement administrator will use settlement funds to pay attorneys’ fees, litigation costs, service awards for the class representatives and administrative costs. It will distribute the remaining funds to class members.

The court-approved plan of allocation determines each member's payment and takes into account any settling defendant's payment(s) to class members during the class period. Those who earned more during the period are likely to receive a larger payment.

No action needed to receive payment

Class members do not need to file a claim to receive payment. The settlement administrator will use employment records to identify eligible individuals and send payments directly after it resolves any appeals and the court grants final approval.

Class members can contact the settlement administrator with questions or to confirm their settlement status.

Settlement administrator’s mailing address: Tobler v. 1248 Holdings Settlement Settlement Administrator, PO Box 25191 Santa Ana, CA 92799, 844-496-1084

Payout options

The settlement administrator will send payments directly to eligible class members. It will detail the specific method (such as check or electronic payment) in future communications.

$25.5 million settlement fund breakdown

The $25,500,000 settlement fund includes:

• Settlement administration costs: To be determined
• Attorneys’ fees: Up to $8,925,000
• Attorneys’ expenses: Up to $430,000
• Service awards to class representatives: Up to $15,000 each
• Correction fund: $50,000 to resolve any class member disputes or payment issues
• Payments to eligible class members: The remainder of the fund

Important dates

• Opt-out deadline: Oct. 19, 2025
• Final approval (fairness) hearing: Dec. 4, 2025

When is the Tobler et al. v. 1248 Holdings LLC et al. payout date?

The settlement administrator will distribute payments after it resolves any appeals and the court grants final approval of the settlement.

Why is there a class action settlement?

The class action lawsuit alleged American Century Companies Inc., Mariner Wealth Advisors LLC, Tortoise Capital Advisors LLC and related entities entered into a no-poach agreement that unlawfully restricted competition for employees, resulting in suppressed wages and reduced job mobility. The plaintiffs claimed this violated Section 1 of the Sherman Act and other state laws.

The defendants denied any wrongdoing but agreed to settle to avoid the costs and risks of continued litigation.

Sources

1. Class notice
2. Settlement agreement
3. Settlement FAQ