Here are answers to frequently asked questions about the settlement. Detailed information about the settlement is contained in the Class Notice and Settlement Agreement.

If you do not find an answer to your question here, please contact us directly.

About The Settlement

What is this lawsuit about?

In the Class Action, the Class Representatives claim that Defendants failed to prudently and loyally manage the Plan’s investment lineup in the best interest of participants and beneficiaries, gave an improper preference to investment options managed by companies affiliated with the Plan’s sponsor (M&T Bank), and failed to prudently monitor the Plan’s recordkeeper.

The Defendants deny all claims and assert that they have always acted prudently and in the best interests of participants and beneficiaries. M&T Bank believes the Plan provides a generous benefit.

The Notice you received summarizes the proposed Settlement. For the precise terms and conditions of the Settlement, review the Settlement Agreement and other court documents, available here.

How much money will I get?

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” or (2) an “Authorized Former Participant” who submitted a completed, satisfactory Former Participant Claim Form by the deadline, or (3) a Beneficiary or Alternate Payee of persons identified in (1) or (2).

The Net Settlement Amount will be divided pro rata among Class Members based on each eligible Class Member’s weighted account balance invested in the Plan during the Class Period.  For purposes of determining each Class Member’s weighted balance, account balances in a Group A or Group B Investment will be weighted at a rate of 3.5 times the dollar amount invested, and account balances in all other investments in the Plan will be weighted at a rate of 1 times the dollar amount invested. The Group A and B investment funds are identified in the Settlement Agreement, which can be found here.

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.

What do I need to do?

Whether you need to submit a claim form to receive your distribution depends on whether you are a “Current Participant” or a “Former Participant.”

If you are a Current Participant in the Plan, meaning you had one account or more with a positive balance in the Plan as of September 30, 2019, you do not need to do anything to receive your share of the Settlement.

If you are a Former Participant in the Plan, meaning you did not have one account or more with a positive balance in the Plan as of September 30, 2019, you will need to fill out the Claim Form that was mailed to you and return it to the Settlement Administrator with a postmark on or before August 24, 2020.

When will I receive my money?

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 likely will occur within six months of the Court’s Final Approval Order. There will be no payments under the Settlement if the Settlement Agreement is terminated.

This website will be updated with status as available.

Do I have a lawyer in this case?

The Court has appointed the law firms of Nichols Kaster, PLLP in Minneapolis, Minnesota; Kessler Topaz Meltzer Check LLP in Radnor, Pennsylvania; and Trevett Cristo in, Rochester, New York as Class Counsel in the Class Action.

If you want to be represented by your own lawyer, you may hire one at your own expense.

When will the Court decide whether to approve the Settlement?

The Court will hold a Fairness Hearing at 2:00 p.m. on September 3, 2020, at the Robert H. Jackson United States Courthouse, 2 Niagara Square, Buffalo, NY 14202, in the Genesee Courtroom (6th floor West).

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 and Costs, Administrative Expenses, and Class Representative Compensation.

If there are objections, the Court will consider them then.

What if I have more questions?

You may contact the Settlement Administrator by calling toll-free 844-955-2820, emailing them at info@MT401ksettlement.com, or by writing to them at M&T Bank Corporation Retirement Savings Plan Settlement Administrator, P.O. Box 2005, Chanhassen, MN, 55317-2005. Your inquiry will be responded to as quickly as possible.