Old Dominion Freight Line $1.9M Class Action Settlement

Individuals who participated in or were a beneficiary of the Old Dominion 401(k) retirement plan at any time from Oct. 1, 2016, through Dec. 31, 2025, may be able to receive a share of a $1.9 million class action settlement.

Old Dominion Freight Line Inc. agreed to pay $1.9 million to resolve a class action lawsuit alleging it breached its fiduciary duties under the Employee Retirement Income Security Act. The lawsuit claimed that Old Dominion Freight Line Inc. allowed the 401(k) plan to incur excessive administrative fees and offered imprudent investment options, resulting in financial losses for plan participants and beneficiaries.

Who are the class members?

The class includes all participants in or beneficiaries of the Old Dominion 401(k) retirement plan from Oct. 1, 2016, through Dec. 31, 2025. They must also have had an account balance in the plan at any time during this period. This includes both current and former employees.

How much can class members get?

Pro rata payment: The settlement administrator will distribute the net settlement amount, after deductions for attorneys' fees, litigation costs, administrative expenses and service awards, among eligible class members on a pro rata basis. The specific amount each class member will receive depends on their average account balance in the plan during the class period relative to the total average account balances of all class members.

Here's how the payment calculation works:

• The settlement administrator will calculate each class member's average account balance over the class period.
• It will then total the average account balances of all class members.
• The settlement administrator will determine each class member's share by dividing their average account balance by the total then multiplying that percentage by the net settlement amount.
• If a calculated payment is less than $50, that class member will not receive a payment.

No action needed to receive payment

Class members do not need to file a claim to receive payment. The settlement administrator will use existing plan records to determine eligibility and payment amounts and automatically send them.

Those who need to update their address should contact the settlement administrator as soon as possible. They can fill out the online form, email it to info@olddominionerisasettlement.com or send it via Sealy v Old Dominion, c/o settlement administrator, PO Box 23309, Jacksonville, FL 32241.

Required information

• To fill out the online address change form, class members must provide the notice ID and PIN from their settlement notice.
• If the class member is deceased, the legal beneficiary must provide a copy of the death certificate and documentation showing their status as the legal beneficiary (such as a will or estate documentation).

Payout options

• Current participants with active plan accounts will receive payments as direct deposits into their retirement account.
• Former participants will receive a paper check mailed to their last known address.

$1.9 million settlement fund breakdown

The $1,900,000 settlement fund covers:

• Administrative expenses: To be determined
• Fiduciary costs: Up to $25,000
• Attorneys' fees: Up to $633,270
• Attorneys' expenses: To be determined
• Service awards to class representatives: Up to $5,000 each
• Payments to class members: Remainder of the fund

Important dates

• Final fairness hearing: Jan. 27, 2026

When is the Sealy v. Old Dominion Freight Line Inc. payout date?

The settlement administrator will issue payments to class members after the court resolves any appeals and grants final approval of the settlement.

Why did this class action settlement happen?

The class action lawsuit alleged Old Dominion Freight Line Inc. breached its fiduciary duties under ERISA by allowing excessive administrative fees and offering imprudent investment options in its 401(k) retirement plan. The plaintiffs claimed that these actions resulted in financial losses to plan participants and beneficiaries.

Old Dominion Freight Line Inc. denies all allegations of wrongdoing but agreed to settle to avoid the costs and risks of continued litigation.

Sources

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