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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
I just received my big paycheck $6.10. We were robbed. I am going to call the judge and see what we can do. When I called the said I didn’t loose anything. They used us to receive a big payout for themselves. I am totally pissed. We all know who got all the money. Hell $6.10 want even buy me a pack of smokes.
Well my CK was really BIG..$7.43 but lawyers got millions B#####t
Has Anyone received anything so far?
I just received a check today for $5.61. I’m rich now jajaja but the lawyers that received the 25 million are. Wow! Only in America.
I’m sending mine back to them and I telling them to stick it up there A$$
Anyone receive any payment yet?
Does anyone know if payouts have started ? No one has stated they got a settlement . so just maybe we may get some thing .
They must have just updated the website…
“The Settlement payment distribution has commenced. Payments by check to eligible Participants will be mailed throughout March. Payments credited directly to eligible Participants’ retirement accounts may be received later in accordance with the Plan of Allocation.”
I called and was told I was getting nothing.
Has anyone received any ‘ck…
Still awaiting n waiting No check yet!!!!!!
Has anyone received any payout yet!!!
It would be nice if people would follow up if you receive a letter and/or payment:) For those receiving no funds a courtesy letter should be first from lawyers. I’m expecting such after what I’ve learned. Huge waste of time.
Follow up. I have not received any communication as of today. Assuming I am not receiving anything. How about a polite letter saying such. Unprofessional and unethical, the manner in which this law firm made a fortune off of us! Shame on the judge too!
I hope this week
No one received any $$ yet…
ARE WE DONE ??? OR ARE WE STILL GOING TO DO SOMETHING ? I WORKED HARD FOR THE 2 Companies on that SPONSOR LIST, WHAT ABOUT YOU???
I think the problem is none of us know what to do, and who would we contact with our concerns. And since this seems to be a done deal, can anything be done.
Was anyone else that they are not eligible to receive any monies.
And they wonder why people go around doing stupid shit. Humans are evil.
I was just informed that I will not be receiving anything. Out of the 600000+ how many people actually received anything? Sucks again to be the small investor.
Towards the end of the proceedings some plan members took the law firm to Court to protest the amount of settlement/lawyers fees? I am assuming these members hired an attorney. It was ruled against by judge. Also JPM tried to cut the claimants to 300,000 not 700,000. Like most here, I wasn’t aware of any of this until I looked at court dates/status. Yes, hugely disappointing…..
*Meant to add were these the members who received extra?
I feel they used us and our unity in numbers to create a larger Lawsuit. The more parties injured, The bigger the payout.A lead Plaintiff is awarded more, Then the lawyers are awarded a big chunk, then it trickles down. It’s One lawsuit, We were all wronged ,So we should all be awarded the amount equally, (after the Lawyers fees.) Oh, and if your award is $5 or less, you get nothing…. add up all those 5 dollars they’re keeping . wow!
Arguing that the motion for preliminary approval of the settlement should be denied, the opposing representatives note that total class damages are either $532 million or $619 million, and that the class will not receive $75 million. “The $75 million settlement will be reduced by up to $25 million in attorney’s fees, and over $1.75 million in case expenses, unspecified notice and administrative costs, and $240,000 in incentive payments, netting the Class less than $48 million. A $48 million settlement on strong claims and damages up to $619 million is not within a range of potential final approval,” the memo says
From $532 million or $619 million in damages to $48 million , someone did not fight to hard for us.
You are correct the law firm tried to make the lawsuit more than it was (for larger settlement). What a disappointment and waste of time.
So I just called the administrator to see what I was getting…..
THEY TOLD ME I SUFFERED NO LOSS and therefore I AM NOT ENTITLED TO ANYTHING!
WTF?? I worked harder for 20 years for my money, then the place closed. I took the distribution.
I’m sure the attorneys didnt work as hard as I did, and they get what? Like $25,000,000!!
SCREWED AGAIN and they didnt even use a condom or vaseline!!!
What kind of bullshit was pulled here?
I just call and found out that l will nit be receiving a settlement check, because my pay out was less than $5. I got robbed twice the first crooks to my money and the second crooks took my coat and shoes. #whocanwetrust
I,m with you on that , i had other concerns also, but the lawyers i was finally able to talk to suddenly act as though they dont know certain answers to questions i asked like, Who did the calculations on WHO gets a payment and who doesnt? Was there a list of claimants that were getting a payment from the settlement, and why did your firm recieve payment before the claimants were paid ,but i admit my biggest question is HOW MUCH was the interest from the settlement after it was SUPPOSEDLY put into the QUALIFIED SETTLEMENT account because the final amount was 75,000.000.00 ,Lawyers got 25,000.000.00 off the top, leaving 53,000.000.00 to the claimants i read, SOOO ,where did the INTEREST go to ,OR WHO did it go to ??? Is any of this making sense Kevin? If thats the case MORE people should have gotten a payment but it seems they found some kind of way to eliminate certain claimants. Thats my 2 cents on it and it,s not the gospel. I will be calling them again.
The Qualified settlement account was the least of my concern,many other factors lead me to my decision.