This page provides the answers to class members’ most frequently asked questions.

The information provided is in summary form and is not intended as a complete explanation of your rights. For full and complete information, you are directed to review carefully the Notices.

About The Settlement

What is this lawsuit about?

In the Class Action, the Class Representative claims that Defendants failed to prudently and loyally manage the Plans’ investment lineup in the best interest of participants and beneficiaries, gave an improper preference to investment options managed by companies affiliated with the Plans’ sponsor, McKinsey, and failed to monitor the Plans’ recordkeeping expenses. The Defendants deny all claims and assert that they have always acted prudently and in the best interests of participants and beneficiaries. Defendants believe that the Plans’ investment options performed well, and that the Plans’ fees were reasonable and appropriate.

Why is there a Settlement?

The Court has not reached a final decision as to the Class Representative’s claims. Instead, the Class Representative and Defendants have agreed to the Settlement. The Settlement is the product of extensive negotiations between the Class Representative, Defendants, and their counsel, who were assisted in their negotiations by a neutral private mediator. The parties to the Settlement 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 Class Representative 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. The Settlement has been entered into to avoid the uncertainty, expense, and burden of additional litigation.

How do I know if I am in the Settlement Class?

The Settlement Class has been defined as follows:

All participants and beneficiaries of the McKinsey & Company, Inc. Profit-Sharing Retirement Plan and the McKinsey & Company, Inc. Money Purchase Pension Plan (collectively, the “Plans”) at any time during the period from February 15, 2013 through September 18, 2020 (the “Class Period”), excluding the Trustees for the McKinsey Master Retirement Trust and members of the Administrative Committee for the Plans at any time during the Class Period, as well as persons who served on the Shareholders Council of McKinsey & Company, Inc. or the Board of Directors of MIO Partners, Inc. at any time during the Class Period.

What does the Settlement provide?

Under the Settlement, McKinsey or its insurers will pay $39,500,000 into a Qualified Settlement Fund to resolve the claims of the Class. The Net Settlement Amount (after deduction of any Court-approved Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Compensation) will be allocated to Class Members according to a Plan of Allocation to be approved by the Court (as explained further in the Settlement Agreement). Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the Plans. Authorized 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 prospectively as of the Settlement Effective Date: (1) for a period of no less than three years, Defendants shall retain an independent investment consultant to provide ongoing review of the investment options in the Plans, and review and approve any communications to participants regarding the Plans’ investment options; (2) for a period of no less than three years, all expense reimbursements by the Plans to McKinsey, MIO, or any other affiliated person or entity will be reviewed and approved by an independent fiduciary, who shall have final discretion to approve or reject reimbursements; and (3) before the expiration of the current recordkeeping agreement for the Plans, McKinsey will issue a request for proposal for recordkeeping services for the Plans.

All Class Members and anyone claiming through them will fully release the Plans as well as Defendants and the Released Parties from Released Claims.

The governing release terms are found within the Settlement Agreement, which is available here. Generally, the release means that Class Members will not have the right to sue the Plans, Defendants, or related parties for conduct during the Class Period arising out of or relating to the allegations in the lawsuit

How do I get benefits?

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

If you are considered a Current Participant because you had an Active Account as of August 5, 2020, but 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.

“Former Participant Class Members” must return a valid, timely Former Participant Claim Form by February 8, 2021 to receive a share of the Settlement.

You should refer to the notice you received in the mail to determine whether you have been identified as a Current Participant or Former Participant.

If you received a Current Participant notice but you believe you are a Former Participant, please contact the Settlement Administrator.

Can I get out of the Settlement?

No. The Class has been certified for settlement purposes 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.

When and where will the Court hold a hearing on the fairness of the Settlement?

The Court will hold a telephonic Fairness Hearing at 4:00 PM Eastern Time on February 17, 2021, which can be accessed by dialing 1-866-253-3270 (toll free) or 1-646-843-4609 and entering access code 5607713#. 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. The date and time of the Fairness Hearing are subject to change by Court Order, but any changes will be posted on this website.

How do I tell the Court if I don’t like the Settlement?

If you are a Class Member, you can object to the Settlement (or to the proposed Attorneys’ Fees and Costs, Administrative Expenses, or Class Representative Compensation) by mailing a written objection to Class Counsel and to Defendants’ counsel at the addresses listed here. 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 January 20, 2021 to be considered.