US Bancorp Strikes Agreement to End 401(k) Plan Fee Class Action

US Bancorp plans to settle a 95,000-person class action challenging the administrative fees associated with its employees’ 401(k) plan, the parties announced Monday.

The parties reached an agreement after three months of settlement negotiations and plan to submit details of the deal for court approval by Jan. 12, 2026, they said in a joint status report. Their filing didn’t include details about the terms of the agreement.

• The lawsuit challenges the US Bancorp plan’s annual recordkeeping and administrative fees, which participants ...