UnitedHealth Group $69M 401(k) Class Action Settlement

If you participated in the UnitedHealth Group 401(k) Savings Plan and invested in the Wells Fargo Target Date Funds between April 23, 2015, and the present, you may qualify to submit a claim for a payment from a $69 million class action settlement.

UnitedHealth Group, Inc. has agreed to pay $69 million to settle a class action lawsuit alleging violations of fiduciary duties under the Employee Retirement Income Security Act (ERISA). The lawsuit claims that UnitedHealth Group and other defendants breached their fiduciary responsibilities by retaining the Wells Fargo Target Date Funds as investment options in the company's 401(k) Savings Plan, allegedly resulting in financial losses for Plan participants.

Who is eligible to receive a settlement payment?

You are a class member if you meet the following criteria:

• You participated in the UnitedHealth Group 401(k) Savings Plan anytime between April 23, 2015 to the present.
• You invested via your 401(k) Savings Plan in one or more of the Wells Fargo Target Date Funds listed in the official settlement notice.

How much will the UnitedHealth Group class action payout be?

Pro Rata Cash Payment: Each payment amount will be determined based upon the 401(k) Savings Plan invested in the Wells Fargo Target Date Funds during the class period.

How to receive a class action settlement payment

• Current Plan participants will automatically receive their share deposited into their 401(k) Savings Plan accounts.
• Former Plan participants will be issued a payment by check.
• Former Plan participants also have the option to receive the settlement payment through a rollover to a qualified retirement account.
• The rollover form for Former Participants must be completed through the settlement website by the April 28, 2025 deadline.
• Notice ID and Confirmation Code from notice required to access rollover form on the settlement website.

Payout options

• Current Plan participants: Payment deposited directly into Plan account.
• Former Plan participants: Rollover to qualified retirement account or check payment.

$69 Million UnitedHealth settlement fund

The settlement fund of $69,000,000 includes:

• Settlement administration costs: To be determined
• Attorneys' fees: Up to $23,000,000
• Attorneys' expenses: Amount to be presented to court at a later date
• Incentive award to Plaintiff: Up to $100,000
• Payments to class members: Remaining settlement funds

Important dates

• Fairness Hearing: June 12, 2025
• Deadline for Former Participant rollover form: April 28, 2025

When is the UnitedHealth Group ERISA Settlement payout date?

The fairness hearing is scheduled to take place on June 12, 2025. Payments will be issued to class members after the court grants final approval to the settlement.

Why was this class action settlement reached?

The lawsuit alleged that UnitedHealth Group breached fiduciary duties under ERISA by retaining the Wells Fargo Target Date Funds as investment options, causing losses to Plan participants. Defendants deny wrongdoing but agreed to settle to avoid litigation risks and costs.

Sources

1. Official Settlement Website
2. Class Notice