Eversource 401(k) fees $15M class action settlement

Eversource Energy Service Co. agreed to pay $15 million as part of a class action lawsuit settlement to resolve claims it charged unreasonable fees and made high-cost investments with employee 401(k) funds.

The settlement benefits participants of the Eversource 401(k) plan on or after June 30, 2014, through and including April 27, 2023.

According to participants of Eversource’s 401(k) plan, the company failed to meet its fiduciary duties under the federal Employee Retirement Income Security Act (ERISA). As a result, retirement plan participants allegedly lost money.

Eversource is New England’s largest energy delivery company with 4 million customers in Connecticut, Massachusetts and New Hampshire; the company has more than 9,000 employees.

The ERISA class action lawsuit claims Eversource allowed service providers to charge unreasonable record-keeping and administrative expenses to the plan. In addition, Eversource allegedly selected high-cost investments for the plan instead of more prudent investments that would have resulted in better plan performance. 

As a result of both of these practices, the plaintiffs and other participants allegedly suffered from poor plan performance.

Eversource hasn’t admitted any wrongdoing but agreed to a $15 million class action settlement to resolve these allegations.

Under the terms of the settlement, class members can receive a cash payment. The amount paid to each claimant will be determined by an allocation plan approved by the court. 

Class members who have an active account in the Eversource 401(k) plan do not need to submit a claim to be eligible for a payment under the settlement. They will receive any payment for which they are eligible automatically in their plan account.  

Class members who are former participants of the plan and do not have an active account must submit a Former Participant Claim Form.

The objection deadline in the Eversource class action lawsuit settlement is Aug 27, 2023. 

The final approval hearing is scheduled for Sept. 26, 2023. 

Active participants, their beneficiaries or their alternate payees do not need to file a claim to receive settlement benefits. 

In order to receive settlement benefits, former participants must submit a valid claim form by Aug. 25, 2023.

Who’s Eligible

The settlement benefits participants of Eversource 401(k) plan on or after June 30, 2014 through and including April 27, 2023.

Potential Award

TBD

Proof of Purchase

Proof of Purchase Text

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

08/25/2023

Case Name

Garthwait, et al. v. Eversource Energy Service Co., et al., Case No.: 3:20-cv-00902-JCH, in the United States District Court for the District of Connecticut.

Final Hearing

09/26/2023

Settlement Website

StrategicClaims.net/Eversource401k/

Claims Administrator

Eversource 401(k) Settlement Administrator, 
c/o Strategic Claims Services
600 N Jackson St., Suite 205, 
Media, PA 19063
info@strategicclaims.net
866-274-4004

Class Counsel

Laurie Rubinow 
Alec J Berin 
MILLER SHAH LLP

Defense Counsel

Paul J Ondrasik Jr
Eric G Serron   
STEPTOE & JOHNSON LLP