Northern Trust ERISA Settlement

Conlon v. The Northern Trust Co.
Case No. 21-cv-2940 (N.D. Ill.)

If you participated in The Northern Trust Thrift Incentive Plan (the “Plan”) and invested in The Northern Trust Focus Funds at any time on or after June 1, 2015 – January 28, 2025, you are part of a class action settlement.

The Settlement was reached on December 6, 2024, and the Court granted Preliminary Approval on January 28, 2025.

Under the Settlement, a Qualified Settlement Fund of $6,900,000 will be established to resolve the Action. The Net Settlement Amount is $6,900,000 minus any Administrative Expenses, taxes, tax expenses, Court-approved Attorneys’ Fees and Costs, Service Awards for Plaintiffs, and other approved expenses of the litigation.

If the Court grants final approval, the Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court. Class Members fall into two categories: Current Participants and Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the Plan(s). Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account.

The Court has scheduled a Fairness Hearing on July 29, 2025. At the Fairness Hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. If there are objections, the Court will consider them. After the Fairness Hearing, the Court will decide whether to give its final approval to the Settlement. The Court also will consider the petition for Class Counsel’s Attorneys’ Fees and Costs and Service Awards for Plaintiffs.

Please check back periodically for updates. If you have any questions you may call toll-free (844) 525-9073.

Current Status

The Court has given its preliminary approval to a proposed settlement (the “Settlement”) of a class action lawsuit brought by certain participants in the Plan alleging violations of the Employee Retirement Income Security Act (“ERISA”). The Settlement will provide for the allocation of monies directly into the individual accounts of the Settlement Class Members who had Plan accounts during the Class Period with a balance greater than $0 as of January 28, 2025 (“Current Participants”). Class Members who are entitled to a distribution but who no longer had a Plan account with a balance greater than $0 as of January 28, 2025 (“Former Participants”) will receive their allocation in the form of a check mailed to their last known address or a rollover, if elected.
Class Members are not required to submit a claim to receive a settlement payment.
Please review your Class Notice for a complete explanation of your rights and options in this settlement.

What Are My Options?

Do Nothing

Current Participants: You do not need to do anything to receive your settlement payment. You will get a share of the Settlement benefits to which you are entitled and will give up your right to sue Defendants about the allegations in this case.

Former Participants: If you do not complete, sign, and mail your Former Participant Rollover Form, you will receive the share of the Settlement benefits to which you are entitled via check. Regardless of whether you submit a Former Participant Rollover Form, you will give up your right to sue Defendants about the allegations in this case. If you believe instead that you are a Current Participant, please contact the Settlement Administrator.

Submit Former Participant Rollover Form

— Deadline: July 15, 2025

If you are a Former Participant (or believe you are one, or are a Beneficiary or Alternate Payee of such a Participant) and would prefer to receive your settlement payment through a rollover to a qualified retirement account, you must complete, sign, and mail a Former Participant Rollover Form by July 15, 2025. If you believe you are a Former Participant, a Former Participant Rollover Form may be obtained by calling the Settlement Administrator at 1-844-525-9073, going to Important Case Documents, or Electing Rollover online. Former Participants who fail to complete, sign, and mail their Former Participant Rollover Form will receive their Settlement distribution by check. Regardless of whether you submit a Former Participant Rollover Form, you will give up your right to sue Defendants about the allegations in this case.

Object

— Deadline: July 1, 2025

If you wish to object to any part of the Settlement, you may (as discussed in detail in the Notice) write to the Court and counsel about why you object to the Settlement. The Court has authorized the parties to seek information through discovery from any person who files an objection, which means you could be required to produce documents and appear at a deposition to be interviewed and asked questions.

Attend Hearing

— Scheduled: July 29, 2025 at 10 a.m.

You may attend the hearing even if you do not file a written objection, but you will not be permitted to address the Court at the hearing if you do not notify the Court and counsel for the Parties by July 1, 2025, of your intention to appear at the hearing. If you submit a written objection to the Settlement to the Court and counsel for the Parties before the deadline, you may present your objections to the Court at the hearing.