Current and former participants in Swinerton’s retirement plan during the class period, and their beneficiaries, will be paid automatically from the plan’s records under the Swinerton 401(k) fee class action settlement; there is no claim form to file. The court granted preliminary approval on October 1, 2026, objections are due January 14, 2027, and the final approval hearing is set for February 25, 2027.
Current Status
U.S. District Judge Jacqueline Scott Corley granted preliminary approval of the $497,500 settlement on October 1, 2026. Payment is calculated from plan account balances, and the court’s order describes no claim form. The administrator must send notice within 45 days of the order, objections are due January 14, 2027, and the final approval hearing is set for February 25, 2027. No payment date has been announced, and the settlement website had not been located as of October 19, 2026.Free settlement alerts
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What Changed Recently?
The case, Schuster v. Swinerton Incorporated, No. 3:24-cv-04970-JSC, was filed in the U.S. District Court for the Northern District of California in August 2024. Plan participants allege Swinerton and the committee overseeing its retirement plan breached their fiduciary duties under the Employee Retirement Income Security Act by letting the plan pay excessive recordkeeping and administrative fees. The court let the claims proceed after Swinerton moved to dismiss, Bloomberg Law reported.The parties then settled. In August 2026 the judge asked for supplemental briefing before ruling, and on October 1, 2026 she granted preliminary approval. Swinerton has not admitted wrongdoing, and the court has not decided whether the fees were excessive.
Who Qualifies?
The settlement class is everyone who participated in the Swinerton retirement plan at any time during the class period, plus beneficiaries of deceased participants and alternate payees under a qualified domestic relations order. Bloomberg Law reported that the class covers participants since August 2018. The order cites an estimate of about 6,000 class members: about 4,000 current participants with balances and about 2,000 former participants. Current and former members of the Swinerton retirement committee during the class period are excluded.How Much Can You Get?
Swinerton will pay $497,500 into a settlement fund. Before anything is divided, the order allows deductions for:- notice and administration costs of up to $50,000;
- litigation expenses of up to $25,000;
- attorneys’ fees of 25% of the fund, or $124,375;
- service awards of up to $5,000 for each of the two class representatives;
- the cost of an independent fiduciary who reviews the settlement for the plan, and taxes.
What remains is divided pro rata based on weighted plan account balances: each member’s share is their weighted balance divided by the combined weighted balances of all eligible members, applied to the net amount. With roughly 6,000 members sharing what would be under $300,000 after the listed deductions, most individual payments are likely to be modest, but no per-person estimate has been published.
What Proof Is Required?
None appears to be required. The court’s order describes shares being calculated from plan records under the plan of allocation and does not describe any claim form or identifier. The settlement notice, which has not been located yet, will confirm how payments reach current participants and former participants who no longer hold accounts.What Is the Deadline?
There is no claim deadline. The dates in the order are:- Notice to the class: within 45 days of October 1, 2026, by email to the address on file with the plan’s recordkeeper, or by mail to the last known address.
- Class counsel’s motion for attorneys’ fees and costs: December 3, 2026.
- Objections to the settlement or the fee motion: January 14, 2027.
- Motion for final approval: January 21, 2027.
- Final approval hearing: February 25, 2027 at 9:00 a.m., by Zoom.
How Do You Take Action?
Class members do not need to do anything to be paid. The class is certified in a way that does not allow anyone to opt out, so the only formal step is an objection to the settlement or to the fee request, filed by January 14, 2027 under the instructions in the notice. The court-appointed administrator, Analytics, will set up a settlement website and send the notice; this page will add the website once it is live.What Happens Next?
Notice should go out by mid-November 2026. If Judge Corley grants final approval after the February 25, 2027 hearing, the administrator distributes the net settlement amount under the plan of allocation and must file a post-distribution accounting within 21 days after distribution. No payment date has been announced.Sources and Verification
- Schuster v. Swinerton Incorporated docket (CourtListener), No. 3:24-cv-04970-JSC (N.D. Cal.), including the October 1, 2026 order granting preliminary approval (ECF No. 81).
- Swinerton 401(k) Plan Fee Challenge Settles for Nearly $500,000 (Bloomberg Law).
- Swinerton Retirement Plan Fee Lawsuit Advances in California (Bloomberg Law).
Questions
Do Swinerton plan members need to file a claim?
The court’s preliminary approval order describes no claim form. Each class member’s share is calculated from plan account balances under the plan of allocation, and the order lists objecting as the only action class members can take.
Can Swinerton plan members opt out of the settlement?
No. The court certified the class in a way that, under Rule 23, does not allow opt-outs. Class members who disagree with the settlement or the attorneys’ fee request can file an objection by January 14, 2027.
Are former Swinerton employees included?
Yes, if they participated in the plan during the class period. The order cites an estimate of about 6,000 class members: about 4,000 current participants with balances and about 2,000 former participants. Beneficiaries of deceased participants and alternate payees under a QDRO are also included.
What does the Swinerton lawsuit claim?
The plan participants allege Swinerton and the plan’s committee breached their ERISA fiduciary duties by letting the plan pay excessive recordkeeping and administrative fees. Swinerton has not admitted wrongdoing, and the court has not decided whether the fees were excessive.
