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Lowe’s 401(k) Plan Litigation Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

A partial settlement has been reached with Lowe’s Companies, Inc. and the Administrative Committee of Lowe’s 401(k) retirement plan, in a class action suit against these parties and Aon Hewitt Investment Consulting, Inc. The complaint alleged that the defendants breached their fiduciary duties to the plan under the Employee Retirement Income Security Act (ERISA) when they selected and retained an Aon Hewitt fund in the plan and transferred other plan assets to it, despite its underperformance and despite a purported conflict of interest.

Docket Number:

5:18-cv-00075-KDB-DCK

Company: Lowe’s Companies, Inc.

Filing Deadline: August 12, 2021

Class Period: October 1, 2015 to June 9, 2021

Objection Deadline: August 12, 2021

Final Approval Hearing: August 26, 2021

Proof of Purchase:

No proof is required. However, if you a former participant who would like to request that your payment be made in the form of a rollover, you must submit a Former Participant Rollover Form.

Eligibility:

You may be eligible if you are a member of either of the following classes:

- Current Participants: Participants and beneficiaries of the Lowe’s 401(k) plan whose account balances were invested in the Aon Growth Fund at any time between October 1, 2015 and June 9, 2021 and who have an account balance greater than $0 as of the date of the Final Approval Order in this case.

- Former Participants: Participants and beneficiaries of the Lowe’s 401(k) plan whose account balances were invested in the Aon Growth Fund at any time between October 1, 2015 and June 9, 2021, but who no longer have an account balance greater than $0 as of the date of the Final Approval Order in this case.

Typical Settlement Amount:

Benefits from the net settlement fund will be distributed according to a plan of allocation. If you are a current participant, your allocation will be deposited into your account in the 401(k) plan. If you are a former participant, and you do not fill out a Former Participant Rollover Form, your allocation will be mailed to you in the form of a check. If you are a former participant and would like your allocation to be made to you in the form of a rollover, you must submit a Former Participant Rollover Form.

Total Settlement Amount: $12,500,000

Class Representative Proposed Incentive Fee:

$10,000

Law Firm:
Nichols Kaster PLLP

Claim Form: Lowe’s 401(k) Plan Former Participant Rollover Form

Case Name: Reetz v. Lowe’s Companies, Inc., et al.

Settlement Website: Lowe’s 401(k) Plan Litigation Settlement Website

Claims Administrator:
Analytics Consulting

Claims Administrator Contact Information:

Lowe’s 401(k) Plan Litigation
P.O. Box 2004
Chanhassen, MN 55317-2004
info@lowes401kclassaction.com
877-319-3102

Tags: 401(k) Plans, Breach of Fiduciary Duty, ERISA Violations, Employment Violations, Retirement Plan Mismanagement