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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!
A $75 million settlement has been reached to resolve claims that JPMorgan mismanaged employee 401(k) investments.
The settlement will benefit all current and former participants or beneficiaries of ERISA plans who were invested in any JPM Stable Value Fund which in turn invested in the JPM Intermediate Bond Fund and/or the Intermediate Public Bond Fund between Jan. 1, 2009 and Dec. 31, 2010.
There are also three subclasses for the settlement, detailed in the “Who’s Eligible” section below.
The class action lawsuit against JPMorgan argued that the company mismanaged employee retirement plans in violation of the Employee Retirement Income Security Act (ERISA).
The company reportedly invested its stable value funds into two of its other funds: the Intermediate Bond Fund and the Intermediate Public Bond Fund.
These two JPMorgan funds allegedly invested into “risky, highly leveraged assets” including those related to mortgages.
Plaintiffs claim that this was a mismanagement of funds because their retirement assets would have performed better if their funds had been managed correctly and had invested in more reliable assets.
JPMorgan denies any wrongdoing but has agreed to settle the class action lawsuit in order to avoid the costs and risks of continuing litigation through a trial verdict.
Current participants will have allocations made directly to their 401(k) plans. Former participants will be able to receive their allocations in the form of a check. The payment amount will depend on individual amounts invested into a plan.
In order to receive payment, former participants need to file their valid Claim Forms by July 9, 2019. Current participants are not required to submit a Claim Form and will receive payment by doing nothing.
The deadline for exclusion and objection is July 9, 2019. The final approval hearing is scheduled for Sept. 6, 2019.
Who’s Eligible
All current and former participants or beneficiaries of ERISA plans who were invested in any JPM Stable Value Fund which in turn invested in the JPM Intermediate Bond Fund and/or the Intermediate Public Bond Fund between Jan. 1, 2009 and Dec. 31, 2010.
There are three subclasses for the settlement:
- SAIF Subclass: All Class Members who were invested in the JPM Stable Asset Income Fund (SAIF) between Jan. 1, 2009 and Dec. 31, 2010.
- ACSAF/JPMorgan Stable Value Fund Subclass: All Class Members who were invested into the American Century Stable Asset Fund (ACSAF) immediately before JPMorgan took over the fund and received its assets in the ACSAF/JPM Stable Value Fund from Sept. 17, 2007 to Dec. 31, 2010.
- Caterpillar Subclass: All Class Members who were invested into JPMorgan’s Caterpillar Stable Principal Fund or any other JPM Stable Value Fund that invested in the Intermediate Bond Fund and/or the Intermediate Public Bond Fund between Jan. 1, 2009 and Dec. 31, 2010.
If members of the Class or subclass had their investments perform poorly based on the Hueler Index, Lehman/Barclays Intermediate Aggregate Index, or another objective benchmark, they may be able to file a claim and recover compensation.
Potential Award
Varies. Each Class Member’s payment amount will depend on individual plan investments and outcomes.
Proof of Purchase
Only potential participants need to submit a proof of eligibility claim form in order to participate in the settlement.
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
7/9/2019
Case Name
In re: J.P. Morgan Stable Value Fund ERISA Litigation, Case No. 1:12-cv-02548-VSB, in the U.S. District Court for the Southern District of New York
Final Hearing
9/6/2019
UPDATE: The JPMorgan 401(k) Retirement Savings Plan Class Action Settlement was granted final approval by the court on September 23, 2019. Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.
Settlement Website
Claims Administrator
JPM Stable Value Fund Litigation
c/o JND Class Action Administration
P.O. Box 91324
Seattle, WA 98111-9424
info@JPMSVFClassAction.com
1-844-877-5911
Class Counsel
Michael M. Mulder
Elena Liveris
LAW OFFICES OF MICHAEL M. MULDER
Todd Schneider
Garrett W. Wotkyns
Jason Kim
SCHNEIDER WALLACE COTTRELL KONECKY WOTKYNS LLP
Kevin Madonna
KENNEDY & MADONNA LLP
Joseph Peiffer
Daniel Carr
PEIFFER ROSCA WOLF ABDULLAH CARR & KANE APLC
Peter Mougey
Laura Dunning
LEVIN PAPANTONIO THOMAS MITCHELL RAFFERTY & PROCTOR PA
Defense Counsel
Jeremy Blumenfeld
MORGAN LEWIS & BOCKIUS LLP
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265 thoughts onJPMorgan 401(k) Retirement Savings Plan Class Action Settlement
Somethings wrong here, JPM put the initial settlement amount in an interest bearing account. The interest is supposed to be added to the final settlement, so this needs to be looked at . Somethings NOT adding up.
Why are yall looking for money there is over 600 000 ppl to pay you do the math.lucky you get 30 dollars.
I was told that more than 600,000 notices were sent out but only around 200,000 responded and eligibility had to be decided from there?.
I read like others here, over 600,000 and that most responded…hope you’re right. A few heavy investors may receive a nice amount but most very little.
They are sending checks out by end of month lawyer told me I’m getting 58 dollars . For 14 years good luck hope you get more than I am
Do u know which lawyer told u that amount ur expecting?
I hope we’re not all waiting all this time for such low amounts.
Michael mulder
That’s awful! 14 years? What a scam…..only enough to pay lawyers….
I was just told we should hear something in two weeks I also asked was this a scam because this is taking entirely too long so we have to wait until March I have no idea what’s going on.
I was told this a week ago when I called.
Now March 1? Sounds like everyone getting different answers. Checks in mail? I don’t think so…..will post if I hear anything.
With the interest the settlement should be more than the 75,000.000.00 . The lawyers have been paid , so who,s doing the calculations of whats left for the claimants?
I agree checks should have been distributed before Law firm payment. There have been multiple objections to the amount the firm received and the overall small amount JPM was liable for…..having deceived its members. All denied by Judge. I think a 1429% profit is excessive. Over 699,000 members involved and under $48 million left to be divided according to time and amounts in plan.
If JPM deposited the settlement into an interesting bearing account which was called a Qualified Settlement Fund in the notice , then the interest is supposed to be added to it also, so how much was the interest it made ????
I was just told today that checks were in the printing process and direct deposit is also ongoing.Hopefully soon everyone should hear something;)!
From the Settlement Documents on the JPMSVFClassaction.com site –
“The Settlement also provides time limits for the different steps in the distribution process, ensuring efficiency of payment. (Ex. A at 6). For example, the Settlement anticipates that the Court will issue a final approval order and enter final judgment (assuming no appeals are filed). (Ex. A at 2.27). The Settlement Administrator then has 30 business days to calculate the payment, and two additional business days to provide the plans or their recordkeeper designees with a spreadsheet to confirm that the Current Participants listed still have active accounts. The Settlement Administrator would then revise the spreadsheet and send the total payment to the plans or their recordkeepers for distribution within 30 days. (Ex. A at 6.5).”
I think the judge should have implemented in the settlement that the lawyers coudnt be paid until the recipients were paid. They claim to have been calculating for almost 6 months n still no payouts except to them. It don’t make sense that they cannot provide a list of people who’s claim is valid. Everytime u call the number its the same bs check back in two weeks. Smdh
Exactly how r attorneys paid before there job is complete..bad process