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U.S. Bancorp Settles $2 Million 401(k) Class Action Lawsuit

11/11/2025

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Summary

Story summary

U.S. Bancorp reached a settlement in a Minnesota federal court to resolve a class action by nearly 93,000 employees over 401(k) recordkeeping fees.
The case began in January 2023.
A federal court in Georgia preliminarily approved a $2 million settlement for former United Bank Corp. employees unlawfully removed from its Employee Stock Ownership Plan.
Seventy-four class members will receive over $27,200 each, with final approval expected in March 2026.

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Story summary

U.S. Bancorp reached a settlement in a Minnesota federal court to resolve a class action by nearly 93,000 employees over 401(k) recordkeeping fees.
The case began in January 2023.
A federal court in Georgia preliminarily approved a $2 million settlement for former United Bank Corp. employees unlawfully removed from its Employee Stock Ownership Plan.
Seventy-four class members will receive over $27,200 each, with final approval expected in March 2026.