RMIC Profit Sharing 401(k) Plan Class Action Settlement
Up to $650,000 total settlement fund to be allocated to eligible Settlement Class Members after deductions for attorneys' fees (up to $216,450), administrative expenses, and a case contribution award (up to $10,000)
Last verified September 18, 2026Source: atticusHow ClaimWatch verifies cases
Closed to new claims. Browse open settlements →
Where this case stands
Final approval hearing held October 16, 2026
Claims closed. The court docket does not yet show a final approval order. Once one is entered, payments usually follow within three to twelve months.
Pending in the United States District Court for the Middle District of North Carolina (No. 1:24-cv-00950-CCE-LPA).
- November 15, 2024Case filed
- August 31, 2026Opt-out and objection deadline
Last day to exclude yourself from the settlement or object to its terms.
- October 16, 2026Final approval hearing
The court hears any objections and decides whether to approve the settlement.
What happened
Republic Mortgage Insurance Company maintained a guaranteed interest account (GIA) as an investment option in its Profit-Sharing 401(k) Plan, but in January 2024 reduced the market value of GIA assets through a market value adjustment that reduced participant account balances. The lawsuit alleges this was not administered in accordance with ERISA, the federal law governing private retirement plans. Defendant denies all fault or liability.
Do you qualify?
All participants in the RMIC Profit-Sharing 401(k) Plan whose account balances were reduced by the market value adjustment to GIA assets in or around January 2024, and their beneficiaries of record and alternate payees, excluding plan fiduciaries and their beneficiaries and alternate payees.
What the settlement pays
Up to $650,000 total settlement fund to be allocated to eligible Settlement Class Members after deductions for attorneys' fees (up to $216,450), administrative expenses, and a case contribution award (up to $10,000)
Paid from a $650,000 settlement fund. Individual amounts depend on how many valid claims are filed.
How to file
The Court must grant final approval of the Settlement at a Fairness Hearing on October 16, 2026. Class members will receive information on this website about how to file claims once the settlement is approved. Claims do not require proof but eligible class members' shares will be allocated according to a Court-approved plan based on account balance reductions.
Common questions
- How much does the RMIC Profit Sharing 401(k) Plan Class Action Settlement pay?
- Estimated payout: Up to $650,000 total settlement fund to be allocated to eligible Settlement Class Members after deductions for attorneys' fees (up to $216,450), administrative expenses, and a case contribution award (up to $10,000). The settlement fund is $650,000.Why settlement checks are smaller than the headline number →
- What is the status of the RMIC Profit Sharing 401(k) Plan Class Action Settlement?
- Final approval hearing held October 16, 2026. Claims closed. The court docket does not yet show a final approval order. Once one is entered, payments usually follow within three to twelve months.
- Is the RMIC Profit Sharing 401(k) Plan Class Action Settlement notice real, or a scam?
- Qualified Settlement Fund (administrator not separately named) is the court-appointed administrator. Claims are filed only at rmicplanclassaction.com. Filing is always free, and no administrator asks for payment or a full Social Security number by email or text.How to tell a real settlement notice from a scam →
- Who are the attorneys in the RMIC Profit Sharing 401(k) Plan Class Action Settlement?
- For the plaintiffs: Class Counsel. From the public court docket.
Who's involved
Counsel for plaintiffs
- Class Counsel7 tracked cases · $55.3M in disclosed settlements
From the public court docket, contact details as filed; not an endorsement.
Guides:Why is my settlement check so small?How long a settlement takes to pay outIs this settlement notice real, or a scam?
Summarised from public settlement documents; confirm terms on the official settlement website. ClaimWatch is not a law firm, and filing a claim is free.