JPMorgan Settles for $75M Over Mismanaged 401(k) Plans
JPMorgan has reached a $75 million settlement to resolve claims that it mismanaged employee 401(k) investments years ago.
The settlement will benefit all current and former participants or beneficiaries of ERISA plans who were invested in any JPM Stable Value Fund which in turn invested in the JPM Intermediate Bond Fund and/or the Intermediate Public Bond Fund between Jan. 1, 2009 and Dec. 31, 2010.
The class action lawsuit was filed after JPMorgan reportedly invested its stable value funds into two of its other funds, the Intermediate Bond Fund and the Intermediate Public Bond Fund. These two funds allegedly invested into “risky, highly leveraged assets” including those related to mortgages.
Eligibility
There are three subclasses for the settlement:
- SAIF Subclass: All Class Members who were invested in the JPM Stable Asset Income Fund (SAIF) between Jan. 1, 2009 and Dec. 31, 2010.
- ACSAF/JPMorgan Stable Value Fund Subclass: All Class Members who were invested into the American Century Stable Asset Fund (ACSAF) immediately before JPMorgan took over the fund and received its assets in the ACSAF/JPM Stable Value Fund from Sept. 17, 2007 to Dec. 31, 2010.
- Caterpillar Subclass: All Class Members who were invested into JPMorgan’s Caterpillar Stable Principal Fund or any other JPM Stable Value Fund that invested in the Intermediate Bond Fund and/or the Intermediate Public Bond Fund between Jan. 1, 2009 and Dec. 31, 2010.
If members of the Class or subclass had their investments perform poorly based on the Hueler Index, Lehman/Barclays Intermediate Aggregate Index, or another objective benchmark, they may be able to file a claim and recover compensation.
Settlement Amount
Each Class Member’s payment amount will depend on individual plan investments and outcomes. You must file a claim with the claimant ID provided on the notice you should have received and submit a proof of eligibility claim form in order to participate in the settlement.
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Yes something fishy about this they were paid 25 million dollars and they refused to.do a update they have 33 days to tell members.
Hello, We still haven’t seen anything posted or heard anything. What’s really going on with this. If we email we get the same thing if we call they tell u the same. By now you’ll should know something nobody received any money or anything. Be straight with me am I getting any money or what? Or should we get a lawyer to see what’s going on!
How will we know if we where A, B, C????