Top Class Actions  |  August 25, 2020

Category: Closed Class Actions

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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 JPMorgan 401(k) Class Action Settlement was granted final approval on October 7, 2020. Keep checking back and let us know when you receive a check in the comments section below or on our  Facebook page.


JPMorgan Chase & Co. has agreed to pay $9 million to settle claims that the company violated the Employee Retirement Income Securities Act (ERISA) by recommending plans based on what would be best for the company, not based on what would be best for policyholders.

Class Members include current and former employees of JPMorgan Chase. In total, an estimated 250,000 people are part of the Class. The lawsuit received Class certification in June.

According to the JPMorgan Chase employees, the company provided employees a 401(k) plan, but mismanaged it in a way that violated ERISA.

They alleged that in the 401(k), the company intentionally included investment options managed by JPMorgan Chase affiliates, though they were highly expensive.

The employees say the company should have instead included cheaper options not necessarily offered by JPMorgan Chase. Allegedly, these cheaper options were fully available to the company, but the company actively chose not to use them.

Allegedly, that would have been in the policyholders’ best interest and would have been in accordance with ERISA.

Instead, JPMorgan Chase supposedly chose to prioritize company profits. Similarly, the company allegedly renegotiated investment management fees for some funds, in a way that benefited the company.

The JPMorgan Chase ERISA class action lawsuit asserted that these actions both violated federal law and financially injured policyholders, losing them millions of dollars they could have saved if the company had acted in their best interests.

JPMorgan Chase denies the allegations brought forward against it.

Both the company and the policyholders have agreed to settle the claims in the interests of avoiding the continued costs and risks associated with litigation.

Additionally, the policyholders explained that bringing this case not only before the current court, but potentially before a court of appeals if the decision were not in their favor, would be detrimental to Class Members.

In asking for approval of the settlement, legal proceedings would have “significantly delayed any relief to Class Members and might have resulted in no relief at all.”

The settlement was reportedly reached in April.

Class Members are eligible for cash benefits that are deposited into one or multiple investments that were at issue in the JPMorgan ERISA violation class action lawsuit. Class Members do not have to submit a claim form to receive benefits.

Class Members who no longer have 401(k) plans with JPMorgan Chase are still eligible for benefits.

In the case of former policyholders, if they wish to have their benefits deposited into a different retirement account, they must complete, sign and mail in a Former Participant Rollover Form by Sept. 12, 2020. If a former policyholder does not submit this form, they will receive their settlement benefits in the form of a check.

Who’s Eligible

You are eligible if you were a participant or beneficiary of the Plan at any time between Jan. 25, 2011, and the date on which the Settlement is approved by the Court, whose individual accounts were invested in one or more of the following funds:

  • Growth and Income Fund
  • Mid Cap Value Fund
  • Mid Cap Growth Fund
  • Small Cap Core Fund, only if the investment occurred before Dec. 19, 2015
  • Core Bond Fund, only if the investment occurred before March 12, 2016
  • Target Date Funds, only if the investment occurred before April 1, 2016
Potential Award

Class Members are eligible for cash benefits that are deposited into one or multiple investments that were at issue in the JPMorgan ERISA violation class action lawsuit. Class Members do not have to submit a claim form to receive benefits.

In the case of former policyholders, if they wish to have their benefits deposited into a different retirement account, they must complete, sign, and mail in a Former Participant Rollover Form by Sept. 12, 2020. If a former policyholder does not submit this form, they will receive their settlement benefits in the form of a check.

Proof of Purchase

N/A

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

09/12/2020

Case Name

Beach, et al. v. JPMorgan Chase Bank NA, et al., Civil Action No. 17-00563-JMF, in the U.S. District Court for the Southern District of New York.

Final Hearing

09/22/2020

Claims Administrator

JP Morgan ERISA Fee Settlement
c/o Analytics Consulting LLC
P.O. Box 2010
Chanhassen, MN 55317-2010
1-866-930-3729
info@JPMorganERISAfeesettlement.com

Class Counsel

Joseph M. Meltzer
KESSLER TOPAZ MELTZER & CHECK LLP

Defense Counsel

James Carroll
SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP

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90 thoughts onJPMorgan 401(k) Class Action Settlement

  1. Robin E Haldeman says:

    I am a former Employee of Chase and the mismanagment happened while I was still working there. I received the Class Action info and it said to do nothing and there was no directions. How do I know if I have any funds coming to me. Also I had moved my Chase 401 K into a Chase IRA and asked for the least risky portfolio as I am past retirement age and it is tanking and my Adviser is not responding to my Text or phone messages and so day over day I am loosing thousands. Is there a class action lawsuit for this?

  2. Ruth Andrews says:

    I haven’t received a settlement yet,who do I call?

  3. Rachel T Hernandez says:

    Did you all check you , myrewards@work, sign in with your standard ID. It’s in the pension area . You should have your money that was owed to you that was interest . I got 8, 633.00. My friend got 9, 503. 00. You have fill out make sure all your information is correct fill out a form to release the money and your account will still be there but there’ll be no money once you ask for the money you’ll be taxed.

    1. Jessica says:

      Do you have contact info for the law office? I never received my settlement and can’t find the paper they sent me

    2. Ruth Andrews says:

      Who do I contact, I am not a current employee I was a former

  4. jen says:

    $4.69
    Ridiculous.

  5. Rick says:

    Got it today. $4.76 WHAT A JOKE

  6. Kristi Cope says:

    I received notice a few months back and since I’m a former employee and have no rollover account, I am expecting a check as it said no further action needed…still haven’t received a check yet. I contributed from June 2013 through June 2016, so hoping for something!

  7. Tammy W Cox says:

    I received a check but there is no place on the back to sign, as my name and address on the back. The back of the check is like the envelope they mailed it to me with. Makes it look like a fake check. About 75.00 but I don’t know if it is real. and it is about 6 to 7 inches wide. Anybody else gotten one of these?

  8. janet rodriguez says:

    $2.42 Merry Christmas to Me.

    1. Bo says:

      You have to read the fine lines. The settlement went to those that sued and the rest was divided among the participants. Outside of legal fees. I guess if we wanted what was due to us, we would have had to be a part of the lawsuit.

    2. Juli Glazier says:

      This was a farce! Got 7.00 BFD. Why bother sending paperwork giving false hope at a time when people are out of work and need money. Shame on you…..

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