Updated News About The Case
On May 28, 2026, Judge Chad F. Kenney, of the United States District Court for the Eastern District of Pennsylvania, issued an Order granting Preliminary Approval of settlements with the last two Defendants in this case, Aon Investments USA, Inc., and Aksia LLC. That Order also sets Thursday, October 1, 2026 at 11:00 am as the date and time for the Fairness Hearing on these two settlements. You may read the entire Order under “Court Documents” above.
If these two settlements are granted Final Approval after the Fairness Hearing, the two settlements together will generate a total of $19,300,000.00. After deductions for attorneys’ fees, expenses and costs, it is expected that there may be approximately $11,500,000.00 available for distribution to Class Members.
General Information
This Class Action was originally filed in Pennsylvania State Court in Philadelphia against four investment professionals: Aon Investments USA, Inc., Portfolio Advisors LLC, Hamilton Lane Advisors, L.L.C., and Aksia LLC (collectively “Defendants”). The suit alleged that each of the Defendants violated fiduciary and contractual duties owed to the Plan Participants in Pennsylvania’s Public School Employees’ Retirement System (“PSERS”). All of the Defendants denied all the allegations in the lawsuit. No Court has decided whether Defendants have done anything wrong.
In 2024, the State Court certified this case as a Class Action, and in 2025, it granted final approval of settlements with two Defendants (Portfolio Advisors and Hamilton Lane), which together totaled $15,250,000.00. After deductions for attorneys’ fees, expenses and costs (and the addition of interest), approximately $9,155,592.00 was distributed to Class Members in February, 2026.
After Portfolio Advisors and Hamilton Lane were dismissed from the State Court case, the remaining two Defendants (Aon and Aksia) removed the case to Federal Court in December, 2025. The case was assigned to United States District Judge Chad F. Kenney.
Both Aon and Aksia have now reached settlements with the Class, and Judge Kenney has granted preliminary approval of those settlements. He has also set October 1, 2026 as the date for a Fairness Hearing[MR1.1], to determine whether he will grant final approval of the two settlements.
The settlement Class, as certified by Judge Kenney on May 28, 2026, includes:
All Plan participants in the Pennsylvania Public School Employees Retirement System (PSERS) who contributed, at any time between July 1, 2021, and June 30, 2024, an increased percentage of mandatory contributions from their salary to PSERS as the result of the computation of the Shared Risk provisions of the Public School Employees’ Retirement Code, which includes, and is limited to, the following:
A. All members of PSERS’ membership Class T-E who experienced withholdings of their salary (or otherwise made contributions) to the Plan at a rate of 8.00% of their salary at any time between July 1, 2021, and June 30, 3024; and
B. All members of PSERS’ membership Class T-F who experienced withholdings of their salary (or otherwise made contributions) to the Plan at a rate of 10.80% of their salary at any time between July 1, 2021, and June 30, 3024; and
C. All members of PSERS’ membership Class T-G who experienced withholdings of their salary (or otherwise made contributions) to the portion of the Plan operated like a defined benefit Plan at a rate of 6.25% of their salary at any time between July 1, 2021, and June 30, 2024; and
D. All members of PSERS’ membership Class T-H who experienced withholdings of their salary (or otherwise made contributions) to the portion of the Plan operated like a defined benefit Plan at a rate of 5.25% of their salary at any time between July 1, 2021, and June 30, 2024.
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DO NOTHING |
Stay in this lawsuit. Await the outcome. Give up certain rights. |
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ASK TO BE EXCLUDED |
Thursday, September 3, 2026 Get out of this lawsuit. Get no benefits from it. Keep rights. If you ask to be excluded, any claim you might have will not be part of this lawsuit. If money or other benefits are later awarded in this lawsuit, you won't share in those benefits. But you keep any rights that have not expired to sue Defendants Aon and/or Aksia separately about the same legal claims in this lawsuit. If you wish to opt out, you must take action to exclude yourself from the Class Action. You must do this by either: (1) sending a written Exclusion Request letter by U.S. Mail to PSERS Shared Risk Class Action Settlement Administrator, P.O. Box 173101, Milwaukee, WI 53217; or (2) excluding yourself by completing an Exclusion Request. If you opt out by U.S. mail, it must be postmarked by September 3, 2026. If you opt out electronically using this website, you must obtain confirmation of receipt of the Exclusion Request before the deadline on September 3, 2026. |
Thursday, September 03, 2026
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OBJECT TO THE SETTLEMENT(S) |
Thursday, September 3, 2026 Object to One or Both Proposed Settlements. Give up certain rights. In order to object, mail a written objection postmarked by September 3, 2026, to: PSERS Shared Risk Class Action Settlement Administrator, P.O. Box 173101, Milwaukee, WI 53217. Your written objection should contain the following information: • Full name, email address, mailing address, and telephone number |
Thursday, September 03, 2026
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