The uncashed funds represent the first phase of a settlement involving two of four defendants in the case Steinke, et al v. Aon Investments USA Inc. Counsel for the class, Gerard V. Mantese, is urging recipients to process their checks immediately. The underlying litigation, initiated in 2021, centers on allegations that investment advisors failed to properly vet recommendations, leading to a performance dip that forced higher payroll deductions for school employees between 2021 and 2024.
Unclaimed PSERS Settlement Checks Total Over $2 Million
More than 54,000 Pennsylvania public school employees are currently leaving money on the table, as over $2 million in class action settlement checks mailed earlier this year remain uncashed. The payments, issued in February to members of the Public School Employees Retirement System, are tied to a long-running investment oversight lawsuit.
Legal momentum continues to build, with Judge Chad Kenney granting preliminary approval for settlements with the remaining two defendants on May 28, 2026. A fairness hearing is scheduled for October 1, 2026, which could unlock an additional $11.5 million for distribution. Class members who have misplaced their original checks or are managing the affairs of a deceased recipient can request replacements through pserssharedriskclassaction.com.
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