Settlement Status

The proposed Settlement provides the following:

  • Current Participants: Costco has agreed to provide an administrative fee reduction allocated among Current Participants with a maximum value of $3,200,000. Costco will ensure that the Plan Administrative Service Per Capita Recordkeeping Fee deducted from Plan accounts does not exceed $3.25 per Plan account per quarter for as many quarters as it takes for the reduction to equal $3,200,000 in the aggregate.
  • Former Participants and eligible Current Participants (Current Participants who cease to have a Plan account by the Settlement Effective Date): Costco has agreed to establish a $400,000 Former Participant Pool against which Former Participants will be entitled to make a claim for payment. The amount of each Formers Class Member’s payment will be based on the number of quarters his or her Plan account balances exceeded $1,000 during the Class Period and will be determined according to a Plan of Allocation in the Settlement Agreement. Payments to former Plan participants who submit a claim will be made directly to former Plan participants by check.
  • Attorney’s Fees and Expenses: Class Counsel will petition the Court for an award of attorneys’ fees in an amount not to exceed $1.5 million and expenses not to exceed $40,000.00. Any expenses awarded will be deducted from the Former Participant Pool before any distributions to Former Participants or eligible Current Participants. Payments to current Plan participants will be credited to their respective Plan accounts.

A Fairness Hearing is scheduled for July 18, 2022.