U.S. Bancorp Settles 401(k) Fee Suit for $250,000 as Participants Qualify for Payouts
Updated
Updated · Claim Depot · May 22
U.S. Bancorp Settles 401(k) Fee Suit for $250,000 as Participants Qualify for Payouts
3 articles · Updated · Claim Depot · May 22
$250,000 will fund a proposed U.S. Bancorp class-action settlement for people in the U.S. Bank 401(k) plan from Jan. 5, 2017 through final court approval.
The suit alleged ERISA fiduciary breaches, saying plan service providers and fiduciaries charged excessive fees and failed to act in participants' best interests; U.S. Bank denied wrongdoing and settled to avoid further litigation.
No claim form is required. Current participants will receive their full calculated share into their 401(k) accounts, while former participants will get mailed checks only if their share is at least $25.
Up to $83,333.33 is earmarked for attorneys' fees, up to $105,000 for expenses and up to $7,500 for the class representative, with the remainder going to eligible members after administration costs.
Aug. 19, 2026 is the fairness-hearing date, and payments would go out only after the court grants final approval.
How can employers avoid costly 401(k) lawsuits when federal rules on prudent investing and reasonable fees seem to be in flux?
As U.S. Bank settles over high 401(k) fees, why do new rules promote opaque investments that could pose even greater risks?