Lowe’s 401(k) $12.5M Class Action Settlement

Lowe’s 401(k) participants may be eligible to benefit from a $12.5 million class action settlement resolving claims the company did not act in the best interest of plan participants.

The Class is made up of all Lowe’s 401(k) plan participants and beneficiaries whose plan account balances were invested in the Hewitt Growth Fund at any time on or after Oct. 1, 2015, through the date of judgment.

The plaintiff in a class action lawsuit alleges the company’s decision to retain the Aon Hewitt Growth Fund for the Lowe’s retirement plan was not prudent, nor was it in plan participants’ best interest.

Home-improvement retailer Lowe’s and the other defendants deny these accusations and claim to have always acted prudently. However, to avoid the uncertainty and costs of litigation, both sides in this case have agreed to a settlement.

Aon Hewitt is not released under the terms of this settlement; a bench trial against Aon Hewitt was held between June 28 and July 2, 2021, in North Carolina. The Court has not reached a final decision regarding the class action claims against Aon Hewitt.

The approximately 73,000 Class Members will be eligible to receive a payment after attorneys’ fe3es and other expenses are deducted from the settlement fund.

Each Class Member’s payment will be based on the Lowe’s 401(k) plan’s record keeper, and the settlement administrator will calculate the individual distributions.

Those who have existing Lowe’s 401(k) plan accounts will receive their payment as a distribution into that account.

Former Lowe’s retirement plan participants who are entitled to a distribution may choose whether to receive their payment as a check or via rollover to a qualified retirement account.

Also under the terms of the settlement agreement, an administrative committee will issue a request for proposal (RFP) for a delegated fiduciary investment manager for the Lowe’s 401(k) plan. 

The committee also will engage an independent consulting firm — not related to Aon Hewitt — to assist with the RFP process.

RFP candidates will be able to propose alternative investment options, strategies, and lineup structures. The committee will consider all options presented.

A fairness hearing in the Lowe’s retirement plan settlement is scheduled to take place Aug. 26, 2021.

The deadline to object to the settlement is Aug. 12, 2021.

The deadline for former Lowe’s 401(k) participants to file a rollover form is also Aug. 12, 2021.

Who’s Eligible

All Lowe’s 401(k) plan participants and beneficiaries whose plan account balances were invested in the Hewitt Growth Fund at any time on or after Oct. 1, 2015, through the date of judgment.

Potential Award

Varies

Proof of Purchase

No proof of purchase required.

Rollover 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.

Rollover Form Deadline

08/12/2021

Case Name

Reetz v. Lowe’s Companies Inc., et al., Case No. 5:18-cv-075-RJC-DCK in the U.S. District Court for the Western District of North Carolina Statesville Division

Final Hearing

08/26/2021

Settlement Website

Lowes401KClassAction.com

Claims Administrator

Lowe’s 401(k) Plan Litigation
P.O. Box 2004
Chanhassen, MN 55317-2004
info@lowes401kclassaction.com
877-319-3102

Class Counsel

NICHOLS KASTER PLLP

Defense Counsel

GROOM LAW GROUP, CHARTERED