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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
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90 thoughts onJPMorgan 401(k) Class Action Settlement
Received JPMC settlement fund. The amount was enough to purchase a book of stamps. I hope your payment will be greater.
Mine wasn’t even enough for a gallon of gas. Been waiting for this check for months….what a joke! Hope you all get more. Happy Holidays!!
Better than nothing. I just called and I was not affected apparently and I don’t get anything. Lol! I was waiting for months. Why would they even sent a letter that I was in the first place haha
They only pay out of it was more than $2, so it’s possible you were under that threshold.
Do you have the phone number for the law office? I can’t find the paper and never received a settlement in the mail
And want to follow up
The only winners were the Fed and JPMorgan/Chase legal teams. The Fed received over 900 million in fines and the rest of us received the chump change. I’m sure JPMC figured in their fees before distributing the checks.
I just counted the days and the 40th day after final was December 11th I didn’t count holiday or weekends. So why have I not received my money yet?
I just read on their website that checks will be mailed out on December 21 and to allow 2 weeks for delivery .
Thanks. Let me know if you received anything. Jay
I called today 12/15 and was told they dont have access to amounts but that we would have it in our mailbox by Jan 10th
They keep telling me that the disbursement are going out sometime in december but the date hasnt been confirmed yet
Nothing yet
I received $75 last week. Wasn’t sure if it was a real check because i didnt know about the lawsuit and the check is tiny.
As of today nothing yet. Anyone else?
Nope
Nada
Nothing here either
So they keep telling lies!
I just received this response from the Erisa Settlement: The distribution has not occurred yet, nobody has received a payment from the settlement at this time. The distribution is expected to occur sometime in December but the specific date has not been determined yet. Distribution amounts will not be available until the distribution occurs.
I haven’t received anything either. I had around 6k in the funds mentioned. I don’t think the checks will be tiny.
Me too I had like 8K Hopefully it a decent amount
Nothing yet. Its frustrating because they said it would take only 40 days.
Nothing yet
Nothing
I haven’t received anything as of today!!
Me neither !
I received my payment a few weeks ago
Hmm…Your lucky. I called today 11/24 at 1:30p CST to 1-866-930-3729. The Rep stated, that there were no updates on when payments are to be sent. Also advised to call back after the Holiday.
Was it a decent amount
I’ll say it was between $125-$200
I just called and spoke to a representative, he said if there are no appeals by Dec 7 (which is 60 days after the case received final approval) they will do the calculations and we should receive checks by end of Dec. If anyone wishes to call the number is 866-930-3729. Hope this helps
Thank you for the follow up information.
I received my check but, I have not received my 1099-R. my claim number isD43M7SLXCP. I
should have had this by now.
I haven’t received anything as yet either.