Frequently Asked Questions
The Court caused the Settlement Notice to be sent to you because our records indicate that you may be a Class Member. If you fall within the definition of the Class, you have a right to know about the Settlement and about all of the options available to you before the Court decides whether to give its final approval to the Settlement. If the Court approves the Settlement, and after any objections and appeals are resolved, the Net Settlement Amount will be allocated among Class Members according to a Court-approved Plan of Allocation.
In the Class Action, the Named Plaintiffs claim that Defendants failed to prudently manage the Plan’s investment lineup in the best interest of participants and beneficiaries in connection with including Janus Funds as Plan investment options, and gave an improper preference to investment options affiliated with the Plan’s sponsor, Janus. The Defendants deny all claims and assert that they have always acted prudently and in the best interests of participants and beneficiaries.
The Court has not reached a final decision as to the claims. Instead, the Named Plaintiffs and Defendants have agreed to the Settlement. The Settlement is the product of negotiations between the Named Plaintiffs and their counsel, and Defendants, and their counsel. The Parties have taken into account the uncertainty and risks of litigation and have concluded that it is desirable to settle on the terms and conditions set forth in the Settlement Agreement. The Named Plaintiffs and Class Counsel believe that the Settlement is best for all Class Members. Nothing in the Settlement Agreement is an admission or concession on Defendants’ part of any fault or liability whatsoever, but has been entered into to avoid the uncertainty, expense, and burden of additional litigation.
Under the Settlement, Janus will pay $6,500,000 into a Qualified Settlement Fund to resolve the claims of the Class. The Net Settlement Amount (after deduction of any Court-approved Attorneys’ Fees, Costs, Administrative Expenses, or Named Plaintiffs’ Service Awards) will be allocated to Class Members according to a Plan of Allocation to be approved by the Court (as explained further below). 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. Former Participants who are entitled to a distribution may receive their distribution as a check or, if available and they elect, as a rollover to a qualified retirement account.
In addition, the Settlement provides that Janus will amend the Plan Document to provide an oversight function to review the performance of the Janus Funds in the Plan.
All Class Members and anyone claiming through them will fully release the Plan as well as Defendants and the Released Parties from Released Claims. The Released Parties include Defendants’ past, present, and future parent corporation(s), and their past, present, and future affiliates, subsidiaries, divisions, joint ventures, predecessors, successors, successors-in-interest, assigns, directors, officers, employees, agents and other representatives. The Released Claims include all claims that are or could be based on any of the allegations, acts, omissions, purported conflicts, representations, misrepresentations, facts, events, matters, transactions or occurrences that were or could have been asserted in the Action. They also include all claims that arise out of, or are related to, the same nucleus of facts alleged in the Action. The Released Claims additionally include those that relate to the direction to calculate, the calculation of, and/or the method or manner of allocation of the Net Settlement Fund pursuant to the Plan of Allocation and/or that relate to the approval by the Independent Fiduciary of the Settlement Agreement.
Additionally, any Class Member who, prior to the Final Settlement Order in this Action, either (i) signed a separate release agreement with Defendants or (ii) is bound to arbitrate disputes with Defendants, acknowledges and is deemed to agree that his or her participation in this Settlement, and Defendants’ agreement that he or she may receive relief in connection with the Action, does not in any way waive, modify, alter, or amend any other release agreement or arbitration obligations that such Class Member signed.
This is only a summary of the Released Parties and Released Claims, and is not a binding description of either. The governing releases are found within the Settlement Agreement at www.jhuserisasettlement.com. Generally, the release means that Class Members will not have the right to sue the Plan, the Defendants, or Released Parties for conduct during the Class Period arising out of or relating to the allegations in the lawsuit. The entire Settlement Agreement is available at www.jhuserisasettlement.com.
The amount, if any, that will be allocated to you will be based upon records maintained by the Plan’s recordkeeper. Calculations regarding the individual distributions will be performed by the Settlement Administrator, whose determinations will be final and binding, pursuant to the Court-approved Plan of Allocation.
To receive a distribution from the Net Settlement Amount, you must either be a (1) Current Participant, (2) a Former Participant, or (3) a Beneficiary or Alternate Payee of persons identified in (1) or (2).
The Net Settlement Amount will be divided among eligible Class Members pro rata based on each eligible Class Member’s average quarterly Plan account balance invested in Janus Funds during the Class Period. There are approximately 2,125 Class Members. Note that if you are an Alternate Payee pursuant to a Qualified Domestic Relations Order, your portion of the Settlement will be distributed pursuant to the terms of that order.
The Net Settlement Amount will also depend on the amount of any Attorneys’ Fees, Costs, Administrative Expenses, and Named Plaintiffs’ Service Awards that are awarded by the Court, as these will be paid out of the gross settlement amount of $6,500,000. Class Counsel will file a motion for an award of Attorneys’ Fees, Costs, Administrative Expenses, and Named Plaintiffs’ Service Awards at least 21 days prior to the objection deadline. This motion will be considered at the Fairness Hearing. Class Counsel will limit their application for Attorneys’ Fees to not more than 33% of the Gross Settlement Amount. Class Counsel also will seek to recover all actual and anticipated litigation costs and administrative expenses associated with the Settlement. In addition, Class Counsel will seek service awards for the Named Plaintiffs of no more than $15,000 each. The Court will determine the amount of fees, costs, administrative expenses, and Named Plaintiffs’ Service Awards that will be awarded, if any. All papers filed in this Action, including Class Counsel’s motion for Attorneys’ Fees, Costs, Administrative Expenses, and Named Plaintiffs’ Service Awards, will be available for review via the Public Access to Court Electronic Records System (PACER), available online at https://www.pacer.gov.
Former Participants:
Whether you need to submit a rollover form to receive your distribution depends on whether you are considered a “Current Participant” or a “Former Participant.” If you are a Former Participant, you may elect to receive your distribution by check or rollover. If you elect a rollover, you must mail a Former Participant Rollover Form postmarked on or before August 20, 2026. If you do not mail the Former Participant Rollover Form by the above deadline, you will receive your distribution via check. You may contact the Settlement Administrator to confirm or update your mailing address. The Settlement Administrator may be contacted by phone at 1-800-577-5039 or by mail at Janus 401(k) and Employee Stock Ownership Plan, c/o Atticus Administration, PO Box 64053, St Paul, MN, 55164.
Current Participants:
Whether you need to submit a rollover form to receive your distribution depends on whether you are considered a “Current Participant” or a “Former Participant.” If you are a Current Participant, you do not need to do anything to receive your share of the Settlement. If this is not correct, you need to contact the Settlement Administrator to obtain a Former Participant Rollover Form. The Former Participant Rollover Form will explain the next steps necessary to receive your distribution via rollover. If you are considered a Current Participant because you had an Active Account as of May 4, 2026, but it is determined that you no longer have an Active Account when the Settlement is distributed to Class Members, the Settlement Administrator will mail you a check for your share of the Net Settlement Amount to your last known address. You may contact the Settlement Administrator to confirm or update your mailing address. The Settlement Administrator may be contacted by phone at 1-800-577-5039 or by mail at Janus 401(k) and Employee Stock Ownership Plan c/o Atticus Administration, PO Box 64053, St Paul, MN, 55164.
The timing of the distribution of the Net Settlement Amount is conditioned on several matters, including the Court’s final approval of the Settlement and any approval becoming final and no longer subject to any appeals in any court. An appeal of the final approval order may take several years. If the Settlement is approved by the Court, and there are no appeals, the Settlement distribution will occur within 120 days of the Court’s Final Approval Order.
There will be no payments under the Settlement if the Settlement Agreement is terminated.
No. The Settlement Class has been certified under Federal Rule of Civil Procedure 23(b)(1). Therefore, as a Class Member, you are bound by the Settlement (if it receives final Court approval) and any judgments or orders that are entered in the Class Action. If you wish to object to any part of the Settlement, you may write to counsel about why you object to the Settlement, as discussed below.
The Court has appointed Brock Specht, Matthew Morgan, and Ben Bauer at the law firm Nichols Kaster, PLLP in Minneapolis, Minnesota as Class Counsel for the Settlement Class. If you want to be represented by your own lawyer, you may hire one at your own expense.
Class Counsel will file a motion for an award of Attorneys’ Fees, Costs, Administrative Expenses, and Named Plaintiffs’ Service Awards at least 21 days prior to the objection deadline. This motion will be considered at the Fairness Hearing. Class Counsel will limit their application for Attorneys’ Fees to not more than one-third of the Qualified Settlement Fund. Class Counsel also will seek to recover all actual and anticipated litigation costs and administrative expenses associated with the Settlement. In addition, Class Counsel will seek service awards for the Named Plaintiffs of no more than $15,000 each. The Court will determine the amount of fees, costs, Administrative Expenses, and Named Plaintiffs’ Service Awards that will be awarded, if any. All papers filed in this Action, including Class Counsel’s motion for Attorneys’ Fees, Costs, Administrative Expenses, and Named Plaintiffs’ Service Awards, will be available for review via the Public Access to Court Electronic Records System (PACER), available online at https://www.pacer.gov.
If you are a Class Member, you can object to the Settlement by mailing a written objection to Class Counsel and to Defendants’ counsel at the addresses below. Class Counsel will then file your objection with the court in connection with their motion for final approval. In that filing, Class Counsel will also respond to your objection. Your written objection must be mailed to Class Counsel and Defendants’ counsel no later than August 7, 2026 to be considered.
| Class Counsel | Defendants’ Counsel |
| Nichols Kaster, PLLP Brock Specht Matthew Morgan Ben Bauer 4700 IDS Center 80 South 8th Street Minneapolis, MN 55402 | Vinson & Elkins LLP Jason Halper Sara Brauerman 1114 Avenue of the Americas, 32nd Floor New York, NY 10036 |
The Court will hold a Fairness Hearing at 11:00 a.m. on September 4, 2026, at the U.S. District Court for the District of Colorado, Alfred A. Arraj Courthouse, 901 19th Street, Denver, CO 80294, in Courtroom A201. At the Fairness Hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. The Court also will consider the motion for Attorneys’ Fees, Costs, Administrative Expenses, and Named Plaintiffs’ Service Awards. If there are objections, the Court will consider them then.
No, but you are welcome to come at your own expense. You may also make an appearance through an attorney. If you send an objection, you do not have to come to the Court to talk about it. As long as you mailed your written objection on time, the Court will consider it.
Yes. You do not need to submit a notice of your intention to appear in order to speak at the hearing, but you must comply with the requirements for making an objection (set forth above) if you wish to object.
If you are a “Current Participant” and you do nothing, you will receive your pro rata share of the Net Settlement Amount, if the Settlement is finally approved.
If you are a “Former Participant” and you do nothing, you will receive your pro rata share of the Net Settlement Amount via check, if the Settlement is finally approved.
If you have questions regarding the Settlement, you can visit www.jhuserisasettlement.com, email [email protected], call 1-800-577-5039, or write to the Settlement Administrator at Janus 401(k) and Employee Stock Ownership Plan, Settlement Administrator [mailing address]c/o Atticus Administration, PO Box 64053, St Paul, MN, 55164. All papers filed in this lawsuit are also available for review via the Public Access to Court Electronic Records System (PACER), at https://www.pacer.gov, and can be reviewed in person during regular business hours at the Clerk’s Office, Alfred A. Arraj Courthouse, 901 19th Street, Room A105, Denver, CO 80294.