AutoZone 401(k) Plan $2.5 Million ERISA Settlement

If you participated in the AutoZone, Inc. 401(k) Plan between November 11, 2013, and August 21, 2024, you may be eligible to claim compensation from a class action settlement.

Northern Trust Corporation has agreed to pay $2,500,000 to settle a class action lawsuit for alleged breaches of fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA).

It is important to note that AutoZone itself is not a party to this settlement.

Who are the class members?

The class members include:

• Individuals who were participants in the AutoZone, Inc. 401(k) Plan as of November 11, 2013
• Beneficiaries of deceased participants who were receiving or will receive benefit payments
• Alternate payees under a Qualified Domestic Relations Order receiving or entitled to receive benefit payments

The class period covers from November 11, 2013, to August 21, 2024.

How much can class members get?

Each class member will receive an equal share of the net settlement fund, which is the settlement amount minus court-awarded fees and expenses. The exact amount will depend on the total number of class members and the net settlement fund available.

The settlement fund of $2,500,000 will be distributed equally among all class members after deducting legal fees, administrative costs, and any other court-approved expenses.

For example, if there are 10,000 class members and $500,000 is deducted for fees and expenses, the net settlement fund would be $2,000,000. Each class member would then receive $200.

Do class members need to file a claim?

Class members do not need to take any action to receive their compensation. The Settlement Administrator will automatically distribute the funds to eligible members.

Payment methods

Payments will be made directly into the current AutoZone Plan accounts for active participants. Former participants will receive payments by check.

Important dates

• Fairness Hearing: November 21, 2024

When is the AutoZone 401(k) Plan Settlement payout date?

The court will hold a Fairness Hearing on November 21, 2024, to decide on the final approval of the settlement. If approved, payments will be distributed to class members.

Why was there a class action settlement?

The lawsuit alleged that Northern Trust breached fiduciary duties by failing to monitor investment fees and recordkeeping fees, as well as the Plan's stable value option. Northern Trust denies any wrongdoing but agreed to settle to avoid the costs and risks of further litigation.