Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
UPDATE: The JPMorgan 401(k) Class Action Settlement was granted final approval on October 7, 2020. Keep checking back and let us know when you receive a check in the comments section below or on our Facebook page.
JPMorgan Chase & Co. has agreed to pay $9 million to settle claims that the company violated the Employee Retirement Income Securities Act (ERISA) by recommending plans based on what would be best for the company, not based on what would be best for policyholders.
Class Members include current and former employees of JPMorgan Chase. In total, an estimated 250,000 people are part of the Class. The lawsuit received Class certification in June.
According to the JPMorgan Chase employees, the company provided employees a 401(k) plan, but mismanaged it in a way that violated ERISA.
They alleged that in the 401(k), the company intentionally included investment options managed by JPMorgan Chase affiliates, though they were highly expensive.
The employees say the company should have instead included cheaper options not necessarily offered by JPMorgan Chase. Allegedly, these cheaper options were fully available to the company, but the company actively chose not to use them.
Allegedly, that would have been in the policyholders’ best interest and would have been in accordance with ERISA.
Instead, JPMorgan Chase supposedly chose to prioritize company profits. Similarly, the company allegedly renegotiated investment management fees for some funds, in a way that benefited the company.
The JPMorgan Chase ERISA class action lawsuit asserted that these actions both violated federal law and financially injured policyholders, losing them millions of dollars they could have saved if the company had acted in their best interests.
JPMorgan Chase denies the allegations brought forward against it.
Both the company and the policyholders have agreed to settle the claims in the interests of avoiding the continued costs and risks associated with litigation.
Additionally, the policyholders explained that bringing this case not only before the current court, but potentially before a court of appeals if the decision were not in their favor, would be detrimental to Class Members.
In asking for approval of the settlement, legal proceedings would have “significantly delayed any relief to Class Members and might have resulted in no relief at all.”
The settlement was reportedly reached in April.
Class Members are eligible for cash benefits that are deposited into one or multiple investments that were at issue in the JPMorgan ERISA violation class action lawsuit. Class Members do not have to submit a claim form to receive benefits.
Class Members who no longer have 401(k) plans with JPMorgan Chase are still eligible for benefits.
In the case of former policyholders, if they wish to have their benefits deposited into a different retirement account, they must complete, sign and mail in a Former Participant Rollover Form by Sept. 12, 2020. If a former policyholder does not submit this form, they will receive their settlement benefits in the form of a check.
Who’s Eligible
You are eligible if you were a participant or beneficiary of the Plan at any time between Jan. 25, 2011, and the date on which the Settlement is approved by the Court, whose individual accounts were invested in one or more of the following funds:
- Growth and Income Fund
- Mid Cap Value Fund
- Mid Cap Growth Fund
- Small Cap Core Fund, only if the investment occurred before Dec. 19, 2015
- Core Bond Fund, only if the investment occurred before March 12, 2016
- Target Date Funds, only if the investment occurred before April 1, 2016
Potential Award
Class Members are eligible for cash benefits that are deposited into one or multiple investments that were at issue in the JPMorgan ERISA violation class action lawsuit. Class Members do not have to submit a claim form to receive benefits.
In the case of former policyholders, if they wish to have their benefits deposited into a different retirement account, they must complete, sign, and mail in a Former Participant Rollover Form by Sept. 12, 2020. If a former policyholder does not submit this form, they will receive their settlement benefits in the form of a check.
Proof of Purchase
N/A
Claim Form
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Claim Form Deadline
09/12/2020
Case Name
Beach, et al. v. JPMorgan Chase Bank NA, et al., Civil Action No. 17-00563-JMF, in the U.S. District Court for the Southern District of New York.
Final Hearing
09/22/2020
Settlement Website
Claims Administrator
JP Morgan ERISA Fee Settlement
c/o Analytics Consulting LLC
P.O. Box 2010
Chanhassen, MN 55317-2010
1-866-930-3729
info@JPMorganERISAfeesettlement.com
Class Counsel
Joseph M. Meltzer
KESSLER TOPAZ MELTZER & CHECK LLP
Defense Counsel
James Carroll
SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
Read About More Class Action Lawsuits & Class Action Settlements:
Customers Challenge Citibank Foreign Transaction Fee
Washington Federal Bank May Charge Unfair Overdraft Fees
Exxon and PBF Energy Reach $4.4M California Wage and Hour Settlement
California Assault & Clergy Sexual Abuse Lawsuit Investigation
ATTORNEY ADVERTISING
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
©2008 – 2024 Top Class Actions® LLC
Various Trademarks held by their respective owners
This website is not intended for viewing or usage by European Union citizens.
Honda, Hyundai, Kia, Subaru vehicle data collection class action lawsuit investigation
May 17, 2024 | Legal News
90 thoughts onJPMorgan 401(k) Class Action Settlement
I sent an email inquiring about the date payments would go out and received this response:
Thank you for your email,
The distribution is expected to occur in late December. A specific date for distribution has not been determined yet.
Sincerely,
Office of the Claims Administrator
I called a few weeks ago they told me that it would be 40 days from October 9th. Also they said if we had any questions we can call the number provided in the information. Amounts will be determined based on what was invested in our 401K and amounts that we should anticipate to receive will be available after the 40 day mark and we can call to get that information.
Hi,
I received the same response.
And I just got this:
Thank you for your email,
A specific date for distribution has not been determined yet.
Sincerely,
Office of the Claims Administrator
That’s exactly what I got!!
I just got a email from them they answer me he asked me for my full name address and claim number and he was able to tell me if i was entiltied to anything because not everyone is getting something. He answered me back and said the distribution checks will be going out sometime in december.
What is the number I call?
I emailed the Class Counsel to see what is going on.
Thank you for doing that Janie. If you find anything out, I’ll be checking back here frequently and would love to read it.
Anyone receive anything from them yet?
Nothing
Nothing. I emailed the administrators to see what is going on.
Nothing Yet
Has anyone received more than 10k
Did you receive a check? I haven’t received anything yet
Good Morning,
Have you received your check?
No did you receive one? I emailed the administrator as well and have not heard back.
I have not received anything yet. I was wondering since the 40 days from Final Approval is closing in. Has anyone received a check yet?
Nothing yet either
No not yet.
No, and I’m checking multiple times per day.
Has anyone received their settlement money into a non JPMC held IRA?
Does anyone know how they would get an updated address on file? Currently waiting for the check but not sure how to make sure they have my current address.
The settlement agreement says that “participants should receive payment no later than 40 days after final approval” (which occurred on 10/07/20). So doing the math, I’d guess no later than 11/17/20. However, it’s 2020 and this year has been very unpredictable. And to add to that, there may be a slow down in certain USPS services due to the massive influx of mail-in ballots for the election which will take priority over this. But again, based on the agreement and timeframe, checks (if you opted for a check vs a rollover) should be received no later than 40 days after 10/07/20. Hope this helps.
Has anyone received anything in the mail ? I have not where could we call?
Does anyone know when or how much we are supposed to receive? Can’t seem to find any updated info.
if I read the letter right its within 40 days after the final approval date to get the money
If you do the math ($9M among 250K members), each member should get $36.00
It depends on how much everyone invested in there account. The Money will not be divided evenly.
I got a check to. It’s more than $35.
How much did u get ?
Can you tell us how much it was
The net settlement will be calculated after attorneys’ fees and expenses, which were over $3 million. Investors will get peanuts.