The Settlement payment distribution has commenced. Payments by check to eligible Participants will be mailed throughout March and April. Payments credited directly to eligible Participants' retirement accounts may be received later in accordance with the Plan of Allocation.
What is this lawsuit and Settlement about?
A proposed Settlement has been reached in a class action brought by certain individuals whose 401(k) plan accounts included investments in the JPMorgan stable value funds. The action is entitled In re: J.P. Morgan Stable Value Fund ERISA Litigation, Case No. 1:12-cv-02548-VSB (the "Action"), currently pending before the Honorable Vernon S. Broderick in the United States District Court for the Southern District of New York. The Court has given its preliminary approval to the Settlement.
The Plaintiffs brought the Action alleging violations of the Employee Retirement Income Security Act ("ERISA") concerning the way Defendants JPMorgan Chase & Co. and other JPMorgan entities ("JPMorgan”) managed the Class Members’ 401(k) plan investments that were allocated to certain JPMorgan stable value funds. JPMorgan denies all claims and nothing in the Settlement is an admission or concession on JPMorgan’s part of any fault or liability whatsoever.
Who is included in the Settlement?
The Court certified a class and three subclasses of individuals who were participants or beneficiaries in their employers’ 401(k) plans and had some of their investments allocated to a stable value fund managed by JPMorgan during the class periods. You may review the complete class and subclass definitions by clicking here.
If you believe you are a Class Member, you should read the applicable Settlement Notice carefully because your legal rights are affected whether you act or do not act.