Do I need to file a claim for the U.S. Bank 401(k) settlement?

No. Class Members do not have to submit claim forms to receive their allocated share of the Settlement Payment. Distribution is automatic: Current Participants (those with a positive balance in the Plan as of the calculation date) will have their allocation deposited directly into their existing Plan accounts and invested per their current investment elections. Former Participants will receive a check by mail if their calculated payment is $25 or more. Former Participants whose calculated payment falls below $25 will receive no money from the settlement.

Can I opt out of the U.S. Bank 401(k) settlement?

No. The Court certified this Class under Federal Rule of Civil Procedure 23(b)(1), which is a mandatory class certification commonly used in ERISA cases involving the same retirement plan. Class Members cannot opt out or exclude themselves from the settlement. You can, however, object to the settlement by August 5, 2026 if you disagree with its terms. Even if you object, you remain in the Class and are still entitled to receive your share of the Settlement Payment if the Court approves the settlement.

What if my mailing address has changed since I left U.S. Bank?

Former Participants who have moved since leaving U.S. Bank should update their address with the Settlement Administrator to ensure their check is delivered to the correct location. The official Settlement Website at USBank401kSettlement.com has instructions for submitting an address update. Address updates are particularly important because the class period extends back to January 5, 2017, and many Former Participants may have moved multiple times since their employment ended.

U.S. Bank 401(k) ERISA Settlement 2026

Q: Who qualifies for the U.S. Bank 401(k) class action settlement?

You qualify if you are or were a participant in or a beneficiary of the U.S. Bank 401(k) Savings Plan at any time from January 5, 2017 through the date the Court grants final approval of the Settlement. The Class includes both Current Participants (people with an active Plan account on the date Settlement Payments are calculated) and Former Participants (people who had an active Plan account during the class period but no longer have one). Excluded from the Class are the Defendants and any participants or beneficiaries who served as Plan fiduciaries.

Q: How much will I get from the U.S. Bank 401(k) settlement?

The Gross Settlement Amount is $250,000. After Court-approved Attorneys' Fees and Costs (capped at $83,333.33, or 1/3 of the fund), Administrative Expenses, a Case Contribution Award of up to $7,500 for Class Representative Ana Dionicio, and taxes, the Net Settlement Amount will be allocated among Class Members per the Court-approved Plan of Allocation. Allocations are based on each Plan participant's records as maintained by the Plan's recordkeeper. Per-claimant amounts depend on each participant's account history during the 9+ year class period and are likely to be modest given the small fund and large class size.

Q: What is the U.S. Bank 401(k) lawsuit about?

The lawsuit, captioned Dionicio et al. v. U.S. Bancorp et al., Case No. 0:23-cv-00026-PJS-DLM, was filed January 5, 2023 in the U.S. District Court for the District of Minnesota. Plaintiffs Ana L. Dionicio and Alejandro M. Wesaw, on behalf of a class of U.S. Bank 401(k) Plan participants, alleged that U.S. Bancorp, its Board of Directors, the Benefits Administration Committee, and the Investment Committee breached fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA) by allowing the Plan to pay excessive recordkeeping and administrative fees to the Plan's recordkeeper (Alight). U.S. Bancorp denies any wrongdoing and is settling without admitting liability.

Q: When will I get my U.S. Bank 401(k) settlement payment?

Settlement distribution is conditioned on the Court granting final approval at the Fairness Hearing scheduled for August 19, 2026, and on any approval becoming final and no longer subject to appeal. If the Court approves the settlement and no appeals are filed, distribution likely will occur within approximately six months of the Final Approval Order, so first allocations could reach Plan accounts and former participants by approximately February or March 2027. Appeals can extend this timeline by 12 to 36 months or more.

Q: What does Current Participant versus Former Participant mean for the U.S. Bank settlement?

Current Participants are Class Members with a positive balance (an active account) in the U.S. Bank 401(k) Savings Plan as of the date the Settlement Payments are calculated. Their allocation is deposited directly into their existing Plan account and invested per their current investment elections (or per the Plan's Qualified Default Investment Alternative if no election is in effect), so the funds remain inside the Plan. Former Participants are Class Members who had an active Plan account during the class period (after January 5, 2017) but do not have a positive balance as of the calculation date. Former Participants receive a check by mail, but only if their calculated share is $25 or more.

By Steve Levine

U.S. Bank 401(k) Savings Plan ERISA breach of fiduciary duty excessive recordkeeping fees class action settlement

Published: May 22, 2026

Status Preliminarily Approved final approval pending August 19, 2026 fairness hearing · no claim form required

Objection Deadline August 5, 2026 no opt-out available (FRCP 23(b)(1) mandatory class) · fairness hearing August 19, 2026

Settlement Fund $250,000 Gross Settlement net allocation after attorneys' fees (up to $83,333), case contribution award ($7,500), and admin expenses · per-participant amounts vary

Proof Required None — Automatic Distribution Current Participants get account credit · Former Participants get check if calculated payment is $25 or more

What Is the U.S. Bank 401(k) Class Action Settlement About?

Are you a current or former participant in the U.S. Bank 401(k) Savings Plan who held an account at any time from January 2017 onward? You may automatically receive a share of a $250,000 ERISA class action settlement, with no claim form required. The Fairness Hearing is scheduled for August 19, 2026.

The U.S. Bank 401(k) class action lawsuit, captioned Dionicio et al. v. U.S. Bancorp et al., Case No. 0:23-cv-00026-PJS-DLM, is pending in the U.S. District Court for the District of Minnesota before the Honorable Patrick J. Schiltz. Named plaintiffs Ana L. Dionicio and Alejandro M. Wesaw allege that U.S. Bancorp, its Board of Directors, the Benefits Administration Committee, and the Investment Committee breached fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA) by allowing the U.S. Bank 401(k) Savings Plan to pay excessive recordkeeping and administrative fees.

U.S. Bancorp denies any wrongdoing and is settling the case without admitting liability. The Court granted preliminary approval of the settlement, and the $250,000 Gross Settlement Amount will be allocated among Class Members according to a Court-approved Plan of Allocation. The official Settlement Website is at usbank401ksettlement.com.

Who Is Included in the Settlement Class?

The Class includes all participants and beneficiaries of the U.S. Bank 401(k) Savings Plan from January 5, 2017 through the date the Court grants final approval of the Settlement. Excluded from the Class are the Defendants themselves and any participants or beneficiaries who served as fiduciaries to the Plan.

The 9+ year class period is unusually long. If you were employed by U.S. Bank or one of its subsidiaries at any point from early 2017 onward and contributed to the company's 401(k) plan, you are likely a Class Member, regardless of whether you still work at U.S. Bank, still have a balance in the Plan, or already rolled your balance over to an IRA or another employer's plan.

Current Participants vs. Former Participants: What's the Difference?

The settlement creates two practical categories of Class Members based on whether you currently have an active U.S. Bank 401(k) Plan account.

Feature	Current Participants	Former Participants
Who you are	Class Member with a positive balance in the U.S. Bank 401(k) Plan as of the date Settlement Payments are calculated	Class Member who had an active Plan account at any time since January 5, 2017 but does NOT have a positive balance as of the calculation date
How you get paid	Allocation deposited directly into your existing U.S. Bank 401(k) Plan account	Check mailed to the address on file with the Settlement Administrator
How the deposit is invested	Per your current investment elections for new contributions, as proportionately as reasonably practicable. If no investment election is in effect, your allocation is invested in the Plan's Qualified Default Investment Alternative.	N/A (paid out as cash by check)
Minimum payment threshold	None (any positive allocation is deposited)	$25 minimum. If your calculated payment is less than $25, you receive nothing.

Why the $25 minimum exists for Former Participants: issuing and tracking paper checks costs money. For very small allocations (a few dollars), the administrative cost of sending the check would exceed the value being sent. The $25 floor protects the overall Net Settlement Amount from being eaten by check-issuance costs.

30-Second Self-Test: Do I Qualify for the U.S. Bank 401(k) Settlement?

Answer yes to the question below and you are likely a Class Member.

• Did you participate in or have a beneficiary interest in the U.S. Bank 401(k) Savings Plan at any time from January 5, 2017 through the date the Court enters its Final Approval Order?

If yes, you are a Class Member, unless you served as a fiduciary to the Plan (a narrow exclusion that applies to certain employees in plan administration roles). Class Members include current U.S. Bank employees, former U.S. Bank employees who left employment but kept money in the Plan, and former employees who rolled over or cashed out their balance.

What Are the Allegations Against U.S. Bancorp?

The Dionicio v. U.S. Bancorp complaint raises ERISA breach of fiduciary duty claims focused on the cost of operating the U.S. Bank 401(k) Plan. (New to this area of law? See our plain-English guide to what ERISA is and how ERISA class actions work.)

Core allegation: excessive recordkeeping and administrative fees. ERISA requires plan fiduciaries (in this case, the Board, the Benefits Administration Committee, and the Investment Committee) to act with the care, skill, prudence, and diligence of an experienced retirement plan professional. Plaintiffs alleged that Defendants breached these duties by:

• Failing to ensure that the Plan's recordkeeping and administrative (RKA) fees were objectively reasonable given the Plan's size and bargaining power
• Failing to monitor and evaluate the Plan's recordkeeper, Alight, in a highly competitive market where comparable services are available at lower cost
• Failing to defray reasonable expenses of administering the Plan on behalf of participants
• Generally failing to act with the care, skill, diligence, and prudence required by ERISA

The legal context: large 401(k) plans (sometimes called "mega plans," with more than $500 million in assets) have substantial negotiating power because of their scale. ERISA case law over the past decade has increasingly held that fiduciaries of large plans have a duty to leverage that bargaining power to secure competitive pricing from recordkeepers and investment managers. Plaintiffs alleged that U.S. Bancorp's Plan paid more than the going market rate for recordkeeping services, and that the Plan fiduciaries should have renegotiated or replaced Alight to bring fees in line with comparable mega-plans.

U.S. Bancorp denies all allegations, maintains that its conduct was lawful at all times, and asserts that the Plan was administered in compliance with ERISA and in the best interests of Plan participants. The settlement is not an admission of liability; it is a compromise to avoid further litigation costs.

What Does the Settlement Provide? The Math Behind Your Allocation

The $250,000 Gross Settlement Amount sounds small relative to a multibillion- dollar 401(k) plan, and the realistic per-participant amounts will reflect that scale. Here is how the math works.

Starting fund: $250,000 Gross Settlement Amount

Court-approved deductions from the fund:

• Attorneys' Fees and Costs: up to $83,333.33 (capped at 1/3 of the Gross Settlement Amount, which is the typical ERISA case ceiling)
• Case Contribution Award to Class Representative Ana Dionicio: up to $7,500
• Administrative Expenses (notice mailing, claims processing, Plan of Allocation calculation)
• Applicable taxes on the Qualified Settlement Fund

Estimated Net Settlement Amount available to Class Members: approximately $150,000-$160,000 after all deductions (the exact amount depends on what the Court approves)

How the Net Settlement Amount is allocated: the Plan of Allocation, which will be approved by the Court and posted on the Settlement Website before the Fairness Hearing, will distribute the Net Settlement Amount among Class Members based on each participant's account history during the class period. Participants with larger account balances and longer Plan tenure during the class period typically receive larger allocations than participants with smaller balances or shorter tenure, reflecting the relative size of the alleged fee overcharges they bore.

Practical expectations: per-participant amounts in mega-plan ERISA settlements at this fund size are typically modest, ranging from a few dollars for low-balance, short-tenure participants up to several hundred dollars for high-balance, long-tenure participants. Many Former Participants with small allocations will receive nothing because of the $25 minimum check threshold.

No Opt-Out Available: What Class Certification Under FRCP 23(b)(1) Means

One important and unusual feature of the U.S. Bank 401(k) settlement is that Class Members cannot opt out. The Court certified the Class under Federal Rule of Civil Procedure 23(b)(1), which is a mandatory class certification commonly used in ERISA cases.

Why FRCP 23(b)(1) is used for ERISA cases: ERISA breach of fiduciary duty claims are generally brought on behalf of the Plan as a whole, not on behalf of individual participants. The Plan itself is treated as the legal entity that suffered the alleged injury, and any recovery flows back to the Plan and then to participants. Because participants share an undivided interest in the Plan, courts treat them as a unified group that must either all participate or all be bound by the result. Allowing individual opt-outs would create inconsistent outcomes for participants in the same Plan, which FRCP 23(b)(1) is designed to prevent.

What this means for you:

• If the Court approves the settlement, you are bound by it whether you want to be or not
• You will receive your share of the Settlement Payment if you are eligible
• You will be deemed to have released all claims against U.S. Bancorp and other Released Parties that relate to the allegations in the lawsuit, even if you take no action
• The only way to express disagreement with the settlement is to file an objection (not an opt-out)
• Even if you object, you remain in the Class and are still entitled to your share of the Settlement Payment if the Court approves the settlement

Key U.S. Bank 401(k) Settlement Deadlines

• Court preliminary approval: granted (Settlement Agreement filed December 15, 2025)
• Objection deadline: Wednesday, August 5, 2026 (postmarked to the Court)
• Notice of Intent to Appear at Fairness Hearing: August 5, 2026
• Fairness Hearing: Wednesday, August 19, 2026 at 1:00 p.m. C.S.T. before Hon. Patrick J. Schiltz in the U.S. District Court for the District of Minnesota in Minneapolis (in-person or virtual; check the Settlement Website for current arrangements)
• Class period: January 5, 2017 through the date of Final Approval Order
• Settlement distribution: typically within approximately six months of the Final Approval Order if no appeals are filed

No claim form deadline exists because no claim form is required. The Plan Administrator (or its recordkeeper) already has the data needed to calculate each Class Member's allocation; distribution is automatic.

When Will I Get My U.S. Bank 401(k) Settlement Payment?

Payment timing depends on the Court's final approval and any appeals.

• Fairness Hearing: August 19, 2026
• Settlement becomes final: after the Court enters final approval and any appeal period passes (typically 30 days after the Final Approval Order; longer if appeals are filed)
• Distribution timeline: typically within approximately six months of the Final Approval Order, per the Notice
• Best case (no appeals): first allocations could reach Plan accounts and Former Participants by approximately February or March 2027
• If appeals are filed: distribution can be delayed by 12 to 36 months or more

Current Participants will see the allocation appear in their existing U.S. Bank 401(k) Plan account, invested per their current investment elections (or the Plan's Qualified Default Investment Alternative if no election is in effect), so the funds remain inside the Plan rather than being paid out directly.

Former Participants will receive a check by mail to the address on file. Because the class period extends back to January 5, 2017, many Former Participants may have moved since their employment ended. Updating your address with the Settlement Administrator is important if you have moved since you left U.S. Bank.

How to Update Your Address as a Former Participant

Former Participants who have moved since leaving U.S. Bank should update their mailing address with the Settlement Administrator before checks are issued.

How to update your address:

• Visit the official Settlement Website at usbank401ksettlement.com for address- update instructions
• Have ready your full name (as used during your U.S. Bank employment) and your old address from the time you were a U.S. Bank employee, so the Settlement Administrator can match your record
• If you changed your last name (for example, after marriage), provide both your former and current last name
• Check the official Settlement Website's "Contact" section for the specific email or web form for address updates

Updating your address is especially important if your check would be $25 or more. Undeliverable checks may be returned, reissued only after additional processing, or in some cases reverted to the Net Settlement Fund as unclaimed funds.

How to Object to the Settlement

Because Class Members cannot opt out, the only way to express disagreement with the settlement is to file a formal written objection with the Court by August 5, 2026.

Objection requirements per the Notice:

• In writing and mailed to the Clerk of the U.S. District Court for the District of Minnesota (the Notice provides the Court's filing address; do not send objections to the Settlement Administrator or Class Counsel)
• Postmarked no later than August 5, 2026
• Identify the case: Dionicio et al. v. U.S. Bancorp et al., Case No. 0:23-cv-00026-PJS-DLM
• Include your name, address, and signature
• Include a statement that you are a Class Member
• Include the specific grounds for your objection, with all arguments, citations, and evidence supporting it
• Include copies of any documents you want the Court to consider
• Include a Notice of Intent to Appear at the Fairness Hearing if you (or your attorney) wish to speak in person
• If represented by counsel, your attorney must file the objection through the Court's CM/ECF system

Filing an objection does NOT cost you your share of the Settlement Payment. Class Members who object remain in the Class and are still entitled to their allocated share if the Court approves the settlement.

Watch Out for U.S. Bank Settlement Scams

Although the U.S. Bank 401(k) settlement does NOT require a claim form, scammers may still target current and former U.S. Bank employees who are waiting for their automatic payment. A few common-sense rules:

• Never pay a fee. Legitimate class action settlements never require an activation fee, processing fee, or "release fee" to deliver settlement payments. Anyone asking for payment to process your U.S. Bank 401(k) settlement is running a scam.
• Never share your Plan account password, Social Security Number, or bank routing number with anyone claiming to handle your settlement by phone, text, or email. The Settlement Administrator does not need this information to deposit funds into your existing Plan account or to mail your check.
• Use the official Settlement Website only: usbank401ksettlement.com. Bookmark it and type the URL directly.
• Be skeptical of "click here to verify your U.S. Bank settlement" emails from unfamiliar senders. The settlement distribution is automatic; no verification step is required for most Class Members.
• The Settlement Administrator will never ask you to log in to your U.S. Bank 401(k) Plan account through a link in an email. Log in to your account directly through the official Plan login portal if you want to check on your allocation.

Other Active ERISA and Retirement Plan Class Action Settlements

ERISA breach of fiduciary duty class actions against large employer 401(k) plans have been increasingly common as plaintiffs' firms target mega-plans for excessive fees. Class membership in one ERISA settlement does not affect eligibility for any other unrelated retirement plan case.

Other related OCA coverage:

• OCA database of open class action settlements — complete list of active consumer and ERISA cases
• Latest class action news and updates
• Active class action investigations

How Do I Find Class Action Settlements?

Find all the latest class actions you can qualify for by getting notified of new lawsuits as soon as they are open to claims:

Settlement Website: USBank401kSettlement.com

Visit Settlement Website

Frequently Asked Questions About the U.S. Bank 401(k) Settlement

Who qualifies for the U.S. Bank 401(k) class action settlement?

Any participant or beneficiary of the U.S. Bank 401(k) Savings Plan at any time from January 5, 2017 through the date the Court grants final approval of the Settlement. Defendants and Plan fiduciaries are excluded.

How much will I get?

$250,000 Gross Settlement Amount, minus court-approved attorneys' fees (up to $83,333), case contribution award (up to $7,500), and administrative expenses, allocated among Class Members per the Court-approved Plan of Allocation. Per-participant amounts are likely modest, varying with account balance and Plan tenure during the class period.

Do I need to file a claim?

No. Distribution is automatic. Current Participants receive their allocation in their existing Plan account; eligible Former Participants receive a check.

Can I opt out?

No. The Class is certified under FRCP 23(b)(1), which is a mandatory class certification used in ERISA cases. Class Members cannot opt out, but can file written objections by August 5, 2026.

What is the lawsuit about?

Plaintiffs allege that U.S. Bancorp and Plan fiduciaries breached ERISA duties by allowing the U.S. Bank 401(k) Savings Plan to pay excessive recordkeeping and administrative fees. U.S. Bancorp denies wrongdoing and is settling without admitting liability.

When will I get paid?

After the August 19, 2026 Fairness Hearing and any appeal period. The Notice estimates approximately six months from the Final Approval Order if no appeals are filed, so distribution could begin in approximately February or March 2027 in the best case.

What if I left U.S. Bank and rolled over my 401(k)?

You are still a Class Member if you were a participant during the class period. You are a Former Participant for purposes of the settlement, and you will receive a check by mail (if your calculated payment is $25 or more) to the address on file with the Settlement Administrator. Update your address via the official Settlement Website if it has changed.

What if my calculated payment is less than $25?

Former Participants with calculated payments below $25 receive no money from the settlement. Current Participants are not subject to this minimum, since their allocations are deposited directly into existing Plan accounts.

Official Settlement Notice

Sources

• Official Settlement Website: USBank401kSettlement.com
• Official Settlement Website FAQs: usbank401ksettlement.com/frequently-asked-questions
• Dionicio et al. v. U.S. Bancorp et al., Case No. 0:23-cv-00026-PJS-DLM, U.S. District Court for the District of Minnesota, Hon. Patrick J. Schiltz (District Judge) presiding
• Long-Form Settlement Notice
• First Amended Complaint, filed April 4, 2023
• Settlement Agreement filed December 15, 2025
• Class Representatives: Ana L. Dionicio and Alejandro M. Wesaw
• Class Counsel: Walcheske & Luzi, LLC
• Plan Recordkeeper named in litigation: Alight
• U.S. Department of Labor: Understanding Retirement Plan Fees and Expenses
• U.S. Department of Labor: ERISA
• Federal Rule of Civil Procedure 23 (Cornell LII)

About This Page

This page summarizes the U.S. Bank 401(k) Savings Plan ERISA class action settlement for informational purposes. OpenClassActions.com is a consumer news site and is not the Settlement Administrator, Class Counsel, or a law firm. We do not process or decide settlement allocations. The official Settlement Website (usbank401ksettlement.com) and the Settlement Agreement are the authoritative sources for benefit amounts, allocation methods, and distribution timing. If you have questions about your specific allocation, contact the Settlement Administrator through the official Settlement Website.

For more class actions keep scrolling below.

Settlement Amount $250,000 (gross) ≈ $150,000–$160,000 net after deductions

Case Title Dionicio et al. v. U.S. Bancorp et al.

Case Number 0:23-cv-00026-PJS-DLM

Court U.S. District Court for the District of Minnesota

Final Approval Hearing August 19, 2026 at 1:00 p.m. CST District of Minnesota, Minneapolis (in-person or virtual)

Official Website U.S. Bank 401(k) Settlement