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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 Court granted this settlement final approval July 18, 2022.
- Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.
Costco retirement savings plan participants may be eligible to benefit from a $3.2 million class action lawsuit settlement, reached in March 2022, resolving claims the company mismanaged the 401(k) plan, violating the Employee Retirement Income Security Act (ERISA).
The Costco ERISA settlement benefits all participants, beneficiaries, and alternate payees of the Costco 401(k) Retirement Plan who have a plan account as of the date the settlement class is certified by the court or who do not have a plan account as of that date and had a plan account on or after the last business day of a month on and after May 30, 2014, provided such an account attained a balance in excess of $1,000 for at least 12 months beginning on and after May 30, 2014. The class period is from May 30, 2014, through March 17, 2022.
Costco is a membership-based chain of wholesale stores offering products such as groceries, electronics, pet products, and more. According to the company’s website, the chain has more than 1 million members. Â
The plaintiff’s class action accused Costco of causing the 401(k) plan to incur higher-than-necessary administrative and investment management fees.
Costco denies any wrongdoing, but has agreed to the settlement to resolve the class action claims.
Under the terms of the Costco 401(k) settlement agreement, current plan participants will be eligible for an administrative fee reduction, with a maximum total value of $3.2 million.
The company has agreed to ensure the Plan Administrative Service Per Capita Recordkeeping Fee deducted from plan accounts will not exceed $3.25 per account per quarter for as many quarters as needed for the reduction to equal $3.2 million in the aggregate, according to the settlement website.
Former plan participants and eligible current participants — those who cease to have a plan account by the settlement’s effective date — will be able to make a claim for payment.
The amount of each payment for former participants will be based on the number of quarters their plan account balances exceed $1,000 during the class period. This amount will be determined according to the allocation plan outlined in the settlement agreement. Payments will be made by check.
A final approval hearing in the Costco 401(k) class action lawsuit settlement will take place July 18, 2022.
The deadline to object to the settlement is June 17, 2022.
In order to benefit from the Costco 401(k) ERISA class action lawsuit settlement, class members must file a valid claim no later than July 1, 2022.
Who’s Eligible
The settlement benefits all participants, beneficiaries, and alternate payees of the Costco 401(k) Retirement Plan who have a plan account as of the date the settlement class is certified by the court or who do not have a plan account as of that date and had a plan account on or after the last business day of a month on and after May 30, 2014, provided such an account attained a balance in excess of $1,000 for at least 12 months beginning on and after May 30, 2014. The class period is from May 30, 2014, through March 17, 2022.
Potential Award
Varies
Proof of Purchase
No proof of purchase applicable.
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
07/01/2022
Case Name
Soulek v. Costco Wholesale Corp., et al., Case No. 1:20-cv-00937, in the U.S. District Court for the Eastern District of Wisconsin
Final Hearing
07/18/2022
Settlement Website
Claims Administrator
The Costco 401(k) Plan Settlement Administrator
P.O. Box 2007
Chanhassen, MN 55317-2007
info@costcoerisasettlement.com
844-473-0587
Class Counsel
James A Walcheske
Scott S Luzi
Paul M Secunda
WALCHESKE & LUZI LLC
Defense Counsel
Ian H. Morrison
Ada W. Dolph
Thomas M. Horan
SEYFARTH SHAW LLP
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13 thoughts onCostco 401(k) mismanagement $3.2M class action settlement
Received my settlement. It’s a joke! 15.00! I was employed though the dates and had well over the 1000.00 in 401k Don’t expect much!
When will I actually get the money from Costco Erisa Lawsuit in my account. My information was mailed in way before deadline date.