Updated November 5, 2026
Nationwide 401(k) Plan Class Action Settlement
| Case | Sweeney et al. v. Nationwide Mutual Insurance Co. et al., No. 2:20-cv-01569 |
|---|---|
| Court | U.S. District Court for the Southern District of Ohio |
| Judge | Chief Judge Sarah D. Morrison |
| Filed | March 26, 2020 |
| Defendant | Nationwide Mutual Insurance Co. and related Nationwide entities and plan committees |
| Settlement amount | $12.9 million |
| Class size | Reported as about 83,000 members by Law360; plaintiffs’ firm Cohen Milstein cites more than 50,000. Formal class definition pending. |
| Settlement reported | November 4, 2026 |
| Length of case | Six years |
| Status | Settlement reported. Court approval steps and any claim process have not been announced. |
Nationwide Mutual Insurance Co. has agreed to pay $12.9 million to settle claims that it mismanaged an employee 401(k) plan, according to Law360’s report dated November 4, 2026. The deal would end a case that has run since 2020. Law360 puts the class at about 83,000 members, while the plaintiffs’ firm cited more than 50,000 when the class was certified, so the exact size is not yet confirmed.
The workers in the class action allege the company mismanaged the retirement plan. A settlement is not a finding that Nationwide did anything wrong, and the company has not admitted liability in any report we have seen.
Key takeaways
- Nationwide agreed to pay $12.9 million to settle a 401(k) plan class action.
- Law360 reports a class of about 83,000 members; the exact size has not been confirmed.
- The case was filed in 2020 and the settlement was reported on November 4, 2026.
- No claim deadline or payment date has been announced, because the court has not yet approved the deal.
What the Nationwide 401(k) lawsuit is about
The case, filed March 26, 2020 by participants in the Nationwide Savings Plan, says the plan’s use of the Guaranteed Investment Fund violated the federal Employee Retirement Income Security Act (ERISA). The plaintiffs allege Nationwide Life buried excessive fees in the fund’s crediting rate and that plan fiduciaries failed to negotiate better terms or monitor the cost. Nationwide argues that tracking the crediting rate was enough. Judge James Graham denied Nationwide’s motion to dismiss in March 2022, and Chief Judge Sarah D. Morrison certified the class in March 2024 and sent the core claims to a bench trial in a December 2025 summary judgment order, according to plaintiffs’ firm Cohen Milstein.
Key dates and what happens next
A federal judge must approve the settlement before any money is paid. In most class settlements the court first grants preliminary approval, then class members receive notice and have time to object or opt out, and a final approval hearing follows. The settlement agreement is attached to the Law360 report. We will update this article when the court sets those dates.
How do I join?
There is nothing to file yet. Retirement plan settlements often pay current and former participants directly from the settlement fund, sometimes without a claim form. If you took part in the Nationwide 401(k) plan, watch your mail and email for a court approved notice. Our guide on how to join a class action lawsuit explains the usual steps.
Frequently asked questions
How much is the Nationwide 401(k) settlement?
Nationwide agreed to pay $12.9 million, according to Law360. The report puts the class at about 83,000 members.
When is the claim deadline?
No claim deadline has been announced. The court still has to approve the settlement.
Who is in the class?
The class is made up of participants in the Nationwide employee 401(k) plan. Law360 reports about 83,000 members, while the plaintiffs’ firm cited more than 50,000 at certification. The formal class definition will appear in the court approved notice.
Did Nationwide admit wrongdoing?
No admission has been reported. The claims against Nationwide are allegations that were never decided at trial.
This article is for general information and is not legal advice. Details come from news reports and court filings and may change as the court reviews the settlement.
Court Documents in the Case
The settlement agreement is not yet available to us, so the court’s March 2024 class certification order is shown below. These related filings are also available as PDFs: the original complaint (March 26, 2020), the amended complaint (October 5, 2020) and the redacted summary judgment order (December 22, 2025).
