If You Were in the Mercantile Bancorporation Retirement Plan on January 1, 1999, You Could Get A Payment From This Class Action Settlement
A proposed Settlement of a class action lawsuit entitled Mezyk v. U.S. Bank Pension Plan and Pellett v. U.S. Bank Pension Plan ("the Lawsuit") has been reached. The United States District Court for the Southern District of Illinois (the "Court") has given preliminary approval to the Settlement.
Your cash award under the Settlement is likely to be more than $1,000.
The Settlement will resolve all claims in this Lawsuit. A Final Approval Hearing to address the fairness, adequacy, and reasonableness of the Settlement will be held on November 2, 2012. You are not required to do anything to receive your cash award. However, you may object to the settlement by following the procedures described below.
PLEASE READ THIS NOTICE CAREFULLY.
The Court has ordered that this notice be sent to you because records show you participated in the Mercantile Bancorporation Inc. Retirement Plan ("Mercantile Plan") when the Mercantile Plan changed on January 1, 1999. You are a class member in this Lawsuit. This notice is to (a) briefly describe the Lawsuit; (b) define the class members; (c) tell you your rights and options; and (d) tell you the main terms of the Settlement.
The Lawsuit began nearly five years ago when Plaintiffs sued U.S. Bank Pension Plan and U.S. Bancorp, Inc. ("Defendants") over the changes in the Mercantile Plan that happened on January 1, 1999. The Lawsuit alleges the Mercantile Plan did not give proper notice of the changes (the "Notice Claim"). It also alleges that, for participants who were age 45 to 49 when their opening retirement account cash balances were calculated, the Mercantile Plan did not calculate the cash balances properly when the plan changed (the "Calculation Claim"). Because of bank mergers, the Defendants have taken over responsibility for the Mercantile Plan. The Lawsuit was filed in the United States District Court for the Southern District of Illinois. After more than five years of litigation, Defendants have agreed to settle the lawsuit. This does not mean they have done anything wrong. The parties have agreed to the Settlement to avoid the uncertainty, delay and expense of further litigation.
The Court has preliminarily approved the Settlement. The Court will decide whether to give final approval to the Settlement at a Final Approval Hearing set for November 2, 2012, at 1:30 p.m.at the United States District Court, Southern District of Illinois, Courtroom of Honorable J. Phil Gilbert, 301 West Main Street, Benton, Illinois, 62812.
This case involves two Classes. You are a member of Class 1 if you participated in the Mercantile Plan on January 1, 1999. Class 1 is pursuing the Notice Claim. You are also a member of Class 2 if you participated in the Mercantile Plan on January 1, 1999, and were age 45 to 49 when your opening cash balance was calculated. Class 2 is pursuing the Calculation Claim. Both classes are represented by attorneys ("Class Counsel"). You do not have to pay them any fees or costs.
As a Class member, you have three options:
1. If you want to get your cash award, you do not need to do anything. You will automatically get your cash award if the Court approves the Settlement.
2. If you are against the Settlement, you may object to it. You may object in writing on all or part of the Settlement. The Court will consider your objection when it ...