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Individuals who are or were participants in or beneficiaries of the U.S. Bank 401(k) savings plan at any time from Jan. 5, 2017, through the date the settlement receives final approval may qualify to claim a payment from a class action settlement.
U.S. Bancorp agreed to pay $250,000 to settle a class action lawsuit alleging violations of the Employee Retirement Income Security Act of 1974 in the management and administration of the U.S. Bank 401(k) savings plan.
Who are the class members?
Class members are individuals who are or were participants in or beneficiaries of the U.S. Bank 401(k) savings plan at any time from Jan. 5, 2017, through the date the court grants final approval of the settlement.
There are two groups within the class:
- Current participants or beneficiaries: Individuals who have a positive balance in their plan account as of the date the settlement administrator calculates payments.
- Former participants or beneficiaries: Individuals who had an active plan account on or after Jan. 5, 2017, but do not have a positive balance as of the date the settlement administrator calculates payments.
How much are settlement payments?
Cash payment: Eligible class members will receive a payment from the net settlement fund according to the court-approved plan of allocation. The settlement administrator will determine payment amounts by the total number of eligible participants, the size each account balance during the qualifying period and the status of the class member's plan account.
Payment calculation details
- Current participants: Individuals will receive their entire calculated payment share.
- Former participants: Individuals will receive a payment if their calculated share is $25 or more.
No claim form required
Class members do not need to file a claim to receive a payment.
Payout options
- Current participants: Direct deposit into their U.S. Bank 401(k) savings plan account
- Former participants: Paper check mailed to the address on file (if payment is $25 or more)
Settlement fund breakdown
The $250,000 settlement fund will include:
- Settlement administration costs: To be determined
- Attorneys' fees: Up to $83,333.33
- Attorneys' expenses: Up to $105,000
- Service award to class representative: Up to $7,500
- Payments to eligible class members: Remaining settlement funds
Important dates
- Fairness hearing: Aug. 19, 2026
When is the U.S. Bank 401(k) settlement payout date?
The settlement administrator will issue payments to eligible class members after the court grants final approval of the settlement.
Why did this class action settlement happen?
The class action lawsuit alleged U.S. Bancorp and related parties breached their fiduciary duties under ERISA in the management and administration of the U.S. Bank 401(k) savings plan. The plaintiffs claimed the plan’s service providers and fiduciaries charged excessive fees and failed to act in the best interests of participants.
U.S. Bank denies any wrongdoing but agreed to settle to avoid the risk and expense involved with continued litigation and a possible trial.
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