Smith & Nephew Agrees to $350K Settlement Over 401(k) Plan Fee Lawsuit: What You Need to Know

If you participated in the Smith & Nephew U.S. Savings Plan between August 30, 2018, and May 13, 2026, your retirement account rights may be affected by a proposed $350,000 class action settlement. The agreement resolves claims that the medical technology company failed to properly manage its employee 401(k) plan, resulting in excessive managed account fees and alleged mismanagement of plan funds.

What Led to the Smith & Nephew ERISA Class Action Lawsuit?

The lawsuit alleged that medical device maker Smith & Nephew breached its fiduciary duties under the Employee Retirement Income Security Act (ERISA). According to court filings, plaintiffs claimed that the company’s plan administrators allowed participants to pay unreasonable compensation for financial planning and advice services, improperly utilized forfeited 401(k) plan assets, and failed to adequately monitor the Plan Committee responsible for overseeing investment options and fees.

Under federal retirement laws, employers and plan sponsors are legally required to act solely in the best interest of plan participants. This includes negotiating reasonable administrative fees and ensuring retirement savings are not eroded by unnecessary expenses. While Smith & Nephew agreed to pay $350,000 to resolve the litigation and provide relief to approximately 29,000 class members, the company denies any liability or legal wrongdoing.

How Financial Relief Will Be Distributed to Class Members

The $350,000 gross settlement fund will be distributed among eligible participants and beneficiaries based on a court-approved Plan of Allocation. How you receive your settlement payment depends on whether you are a current or former plan participant:

• Current Plan Participants: If the court grants final approval, you do not need to take any action or file a claim form. Your monetary share will be deposited automatically into your active Smith & Nephew U.S. Savings Plan account.

• Former Plan Participants & Beneficiaries: Eligible individuals who no longer hold an active account will also receive payments under the Plan of Allocation without needing to take action, with distribution details provided directly by the settlement administrator.

Who Is Eligible to Participate in the Settlement Class?

You may be eligible to benefit from the settlement if you fit the court-defined class criteria:

• You were a participant in or beneficiary of the Smith & Nephew U.S. Savings Plan.

• You held an account in the plan at any time between August 30, 2018, and May 13, 2026.

The settlement class includes approximately 29,000 current and former employees across the United States whose retirement savings were held in the plan during the nearly eight-year class period.

Important Court Dates, Objections, and Final Approval Hearings

If you are a class member, you have specific rights regarding how the settlement proceeds:

• Do Nothing: If you agree with the settlement terms and wish to receive your allocated payout, no action is required on your part.

• Objection Deadline (September 4, 2026): If you disagree with any aspect of the proposed settlement, attorneys’ fees, or administrative plans, you may file a written objection with the court. Objections must be postmarked by September 4, 2026.

• Final Fairness Hearing (September 18, 2026): The U.S. District Court will hold a Final Fairness Hearing on September 18, 2026, at 2:00 p.m. to decide whether to officially approve the settlement. Class members who submit a timely written objection may also request to speak at the hearing.

Official notices and complete case documentation are available at smithandnephewerisa.com.

Understanding Federal ERISA Protections for Everyday Workers

The Employee Retirement Income Security Act (ERISA) is a federal statute designed to protect workers’ voluntary retirement accounts, such as 401(k) plans and pension systems. ERISA establishes strict fiduciary standards for plan managers, requiring them to monitor service providers, minimize administrative fees, and protect employees’ hard-earned savings from excessive overhead.

When employers allow high fees or improper practices to go unchecked, class action lawsuits give everyday workers a collective tool to demand accountability and recover mismanaged retirement funds.

If you worked for Smith & Nephew and participated in its U.S. Savings Plan during the class period, your rights are protected under this proposed class action settlement. Reviewing official notices helps ensure you understand how your retirement funds are handled.