Top Class Actions  |  August 13, 2021

Category: Closed Class Actions

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This settlement is closed!

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John Hancock settlement
(Photo Credit: Rinelle/Shutterstock)

JOHN HANCOCK SETTLEMENT UPDATE:

  • The Court granted final approval to this class action settlement Sept. 30, 2021.
  • Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.

A $14 million John Hancock settlement will benefit certain participants in the company’s investment-incentive plan.

The Class includes all participants and beneficiaries of the investment-incentive plan for John Hancock employees at any time between Feb. 27, 2014, and June 2, 2021, excluding any members of the John Hancock U.S. Benefits Committee or the John Hancock U.S. Investment Subcommittee.

Plaintiffs in a class action lawsuit had accused John Hancock of breaching its duties under the Employee Retirement Income Security Act (ERISA) by including investment options affiliated with John Hancock, failing to monitor those funds’ fees and performance, and failing to sufficiently monitor Class Members’ recordkeeping fees.

John Hancock, a provider of annuities, college savings plans, life insurance, retirement plans, and other products, has denied all accusations of wrongdoing, maintaining the plan is well managed and generous. However, the company has agreed to the settlement to avoid the expense and burden of continuing with litigation.

John Hancock Settlement Benefits

Class Members will receive a share of the settlement fund after attorneys’ fees and other expenses are deducted.

Payment amounts will be based on the Class Member’s account balance for the period of Feb. 27, 2014, to May 31, 2021.

Class Members do not need to submit a claim form in order to benefit from the John Hancock settlement.

After the Court approves the settlement, benefits will be distributed automatically.

However, Class Members who would prefer to receive their benefit through a rollover to a qualified retirement account must submit a Former Participant Rollover Form.

Those who do not submit this form will receive their distribution by check.

Also under the terms of the John Hancock settlement agreement, the company has agreed to retain an independent third-party investment consultant who will monitor and review the plan’s investment lineup for at least five years following the effective date of the settlement.

The company also will develop and approve a plan Investment Policy Statement and, at or before the expiration of the plan’s current recordkeeping contract, will use an independent consultant to assist with negotiating the next recordkeeping agreement, and will issue a request for information for recordkeeping services.

A final fairness hearing in the John Hancock settlement is scheduled for Sept. 29, 2021.

The deadline to object to the settlement is Sept. 8, 2021.

The deadline to file a Former Participant Rollover Form is Sept. 15, 2021.

Who’s Eligible

The Class includes all participants and beneficiaries of the investment-incentive plan for John Hancock employees at any time between Feb. 27, 2014, and June 2, 2021, excluding any members of the John Hancock U.S. Benefits Committee or the John Hancock U.S. Investment Subcommittee.

Potential Award

Varies

Proof of Purchase

No proof of purchase required

Former Rollover Request 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.

Former Rollover Request Deadline

09/15/2021

Case Name

Baker, et al. v. John Hancock Life Insurance Company (U.S.A.), et al., Civil Action 1:20-cv-10397-RGS, in the United States District Court for the District of Massachusetts

Final Hearing

09/29/2021

Settlement Website
Claims Administrator

The Investment-Incentive Plan for John Hancock Employees Settlement
P.O. Box 2004
Chanhassen, MN 55317-2004
info@JohnHancockERISASettlement.com
866-360-1054

Class Counsel

Kai Richter
Paul Lukas
NICHOLS KASTER PLLP

Defense Counsel

DeMario Carswell
James O. Fleckner
GOODWIN PROCTER LLP

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4 thoughts onJohn Hancock Retirement Plan $14M Class Action Settlement

  1. Angela R B says:

    I was send paper work to fill out i fill out the information and mailed it back to the address provided not sure it was received

  2. Ronan Portley says:

    Hi, so if settlement is decided, when is distribution added back to my 401K plan?- regards

  3. Warren g says:

    My companies 401k was through them does that count and I left that company and close my 401k at I included in this lawsuit

  4. Tonya says:

    I have a pension with them does that qualify ?

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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.