This page provides the answers to class members’ most frequently asked questions.
The information provided is in summary form and is not intended as a complete explanation of your rights. For full and complete information, you are directed to review carefully the Notice.
No, you are not being sued.
Plaintiffs filed a class action complaint against Defendants on behalf of the Plan and a class of Plan participants, alleging certain claims for breach of fiduciary duty under the Employee Retirement Income Security Act of 1974 (“ERISA”). A complete description of Plaintiffs’ allegations is in the Amended Complaint, which is available here.
U.S. Bank has denied and continues to deny any and all of Plaintiffs’ claims and allegations in their entirety. U.S. Bank denies that it is liable to the Plaintiffs or the Class members, and denies that the Plaintiffs, Class members, or the Plan have suffered any harm or damage for which U.S. Bank or any Defendant could or should be held responsible. U.S. Bank asserts that at all times its conduct was lawful. U.S. Bank contends that the Plan has been managed, operated, and administered at all relevant times in compliance with ERISA and applicable regulations and in the best interests of its employees and Plan participants.
The Court decided that everyone who fits this description is a Class Member:
“All participants and beneficiaries of the U.S. Bank 401(k) Savings Plan (excluding the Defendants or any participant/beneficiary who is a fiduciary to the Plan) beginning January 5, 2017, and running through the date of judgment.”
The “Class Period” is defined as January 5, 2017, through the date the Court enters the Final Approval Order.
The Court has not decided in favor of either side in this Action. Instead, both sides agreed to a settlement. That way, both sides avoid the cost and risk of a trial, and the affected Current and Former Participants will get a benefit that they would not have otherwise received if Plaintiffs had litigated the case and lost. The Class Representatives and their attorneys believe the Settlement is in the best interests of the Class Members and the Plan.
Under the Settlement, U.S. Bank will pay the Gross Settlement Amount of $250,000 into the Qualified Settlement Fund to resolve the claims of the Settlement Class and the Plan. The Net Settlement Amount (e.g., the Gross Settlement Amount less any Court-approved Attorneys’ Fees and Costs, Administrative Expenses, Case Contribution Award, and taxes) will be allocated to Class Members according to a Plan of Allocation to be approved by the Court. Allocations to Current Participants who are entitled to a payment under the Plan of Allocation will be made into their existing accounts in the Plan. Former Participants, if entitled to a payment, will receive their payment in the form of a check.
All Settlement Class members will fully release the Released Parties from Plaintiffs’ Released Claims. The Released Parties include Defendants U.S. Bank, Board, U.S. Bancorp’s Benefits Administration Committee and U.S. Bancorp’s Investment Committee, and each and all of their respective past and present predecessors, successors, parents, subsidiaries, affiliates, members, officers, employees, directors, trustees, auditors, consultants, attorneys and insurers, including any of the foregoing who have acted as a fiduciary or provided services to the Plan during the Class Period, and each person that controls, is controlled by, or is under common control with them; the Plan and the Plan’s current and past fiduciaries, administrators, plan administrators, recordkeepers, service providers, consultants, attorneys, agents, insurers and parties-ininterest; Defendants’ independent contractors, representatives, attorneys, administrators, insurers, fiduciaries, accountants, auditors, advisors, consultants, personal representatives, spouses, heirs, executors, administrators, associates, employee benefit plan fiduciaries (with the exception of the Independent Fiduciary), employee benefit plan administrators, service providers to the Plan (including their owners and employees), consultants, subcontractors, and all persons acting under, by, through, or in concert with any of them.
Generally, the release means that Settlement Class members will not have the right to sue the Released Parties for conduct during the Class Period arising out of or relating to the allegations in the lawsuit or the Released Claims. The entire release language is set forth in the Settlement Agreement, which is available here.
Class members do not have to submit claim forms to receive their allocated share of the Settlement Payment, which will be distributed automatically in the following manner if the Court approves the Settlement:
“Current Participants” are current Plan participants who have a positive balance in their Plan account as of the date Settlement Payments are calculated. The Settlement Payments for Current Participants will be invested in accordance with the Current Participant’s current investment elections for new contributions as proportionately as reasonably practicable. If a Current Participant has no investment election in effect, then his or her Settlement recovery will be invested in the Plan’s Qualified Default Investment Alternative. For payments to Current Participants into their Plan accounts, no taxes will be withheld.
“Former Participants” are individuals who had an active Plan account on or after January 5, 2017, but do not have a Plan account with a positive balance as of the date the Settlement Payment allocations are calculated. Former Participants will receive payment under the Settlement in the form of a check with taxes withheld (if applicable) if their settlement amount is $25 or more and do not need to submit any paperwork to receive a payment under the Settlement.
If your mailing address has changed, please contact the Settlement Administrator by email at USBank401k@noticeadministrator.com or by mail at U.S. Bank 401(k) Settlement, PO Box 2010, Chanhassen, MN 55317- 2010 to provide your current address and ensure your payment is sent there.
The Court has appointed a lawyer from the law firm of Walcheske & Luzi, LLC as Class Counsel. If you want to be represented by your own lawyer, you may hire one at your own expense.
If the Court approves the Settlement, you will be bound by it and will receive whatever benefits you are entitled to under its terms. You cannot exclude yourself from the Settlement, but you may notify the Court of your objection to the Settlement (See the next FAQ). The Court has previously certified the Class under Federal Rule of Civil Procedure 23(b)(1), which does not permit Class Members to opt-out of the Class.
You can object to the Settlement if you don’t like any part of it. If you object, you must give the reasons why you think the Court should not approve the Settlement. The Court will consider your views. Your objection to the Settlement must be postmarked no later than August 5, 2026, and must be sent only to the Court at the address below:
Clerk of the District of Minnesota
Diana E. Murphy United States Courthouse
300 South Fourth Street
Suite 202
Minneapolis, MN 55415
The objection must be in writing and include the case name, Dionicio et al. v. U.S. Bancorp et al., Case No. 0:23-cv-00026- PJS-DLM (D. Minn.), and (a) your name; (b) your address; (c) a statement that you are a Class Member; (d) the specific grounds for the objection (including all arguments, citations, and evidence supporting the objection); (e) all documents or writings that you desire the Court to consider (including all copies of any documents relied upon in the objection); (f) your signature; and (g) a notice of intention to appear at the Fairness Hearing (if applicable). (If you are represented by counsel, you or your counsel must file your objection through the Court’s CM/ECF system.) The Court will consider all properly filed and timely objections from Class Members.
If you wish to appear and be heard at the Fairness Hearing in addition to submitting a written objection to the settlement, you or your attorney must say so in your written objection or file and serve a notice of intent to appear at the Fairness Hearing by August 5, 2026.
A Fairness Hearing has been set for August 19, 2026, at 1:00 P.M. C.S.T. The hearing will be conducted in person or virtually before the Honorable Patrick J. Schiltz at the U.S. District Court for the District of Minnesota, 300 South Fourth Street, Minneapolis, MN 55415. At the hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. The Court will hear any comments, objections, and arguments concerning the fairness of the proposed Settlement, including the amount requested by Class Counsel for Attorneys’ Fees and Costs and the Case Contribution Award. You do not need to attend this hearing. You also do not need to attend to have an objection considered by the Court.
Note: The date, time, and location of the Fairness Hearing are subject to change by Court order, but any changes will be posted on this website.
You may email the Settlement Administrator at USBank401k@noticeadministrator.com, or call toll-free at 877-601-0944.