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Participants in or beneficiaries of the Smith & Nephew U.S. savings plan at any time between Aug. 30, 2018, and May 13, 2026, may be eligible to receive a cash payment from a class action settlement.
Smith & Nephew Inc. agreed to pay $350,000 to settle a class action lawsuit alleging violations of fiduciary duties under the Employee Retirement Income Security Act in connection with its management of managed account services in its U.S. savings plan.
Who are the class members?
Class members are participants in or beneficiaries of the Smith & Nephew U.S. savings plan at any time from Aug. 30, 2018, through May 13, 2026. The class includes both current and former employees.
How much are settlement payments?
Pro rata cash payment: Eligible class members will receive a pro rata cash payment from the net settlement fund. The settlement administrator will determine each individual's final payment amount by their average account balance during the qualifying period. Only class members with a calculated payment amount of $10 or more will receive a payment.
No claim form required
Class members do not need to file a claim to receive a settlement payment.
Payout options
- Current plan participants: Smith & Nephew will credit payment to their plan account
- Former plan participants: The settlement administrator will mail a paper check to the last known address
Settlement fund breakdown
The $350,000 settlement fund will include:
- Settlement administration costs: To be determined
- Attorneys’ fees and costs: Up to $115,500
- Service awards to class representatives: Up to $10,000 each
- Payments to eligible class members: Remaining settlement funds
Important dates
- Fairness hearing: Sept. 18, 2026
When is the Smith & Nephew ERISA settlement payout date?
The settlement administrator will issue payments to eligible class members after the court grants final approval of the settlement.
Why is there a class action settlement?
The class action lawsuit alleged Smith & Nephew and related fiduciaries breached their duties under ERISA by allowing the plan to incur excessive managed account service fees. The plaintiffs claimed these decisions were not in the best interests of plan participants.
Smith & Nephew denied any wrongdoing but agreed to settle to avoid the cost and uncertainty of continued litigation. As part of the settlement, Smith & Nephew will also direct the plan’s fiduciaries to conduct a request for proposal for managed account services by Dec. 31, 2027.
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