Teachers Urged to Claim Uncashed Class Action Settlement Checks from PSERS
In a significant alert for members of Pennsylvania's Public School Employees Retirement System (PSERS), over $2 million in class action settlement checks are still waiting to be cashed. According to information released on June 29, 2026, the Class Action Administrator, A.B. Data, had mailed checks totaling over $9.1 million to over 100,000 class members on February 20, 2026. However, as of June 19, 2026, a staggering 54,462 checks, making up more than $2 million, remain unclaimed.
Gerard V. Mantese, co-lead counsel for the class, is urging all class members to cash these checks. He pointed out that these funds result from settlements with the first two of four defendants involved in this complex class action lawsuit that impacts a large number of PSERS members. Just recently, on May 28, 2026, Judge Chad Kenney from the federal court granted preliminary approval of settlements with the third and fourth defendants, setting the date for a Fairness Hearing on October 1, 2026.
Mantese warned, "If the court grants final approval of the settlements with the last two defendants, an additional $11.5 million could potentially be distributed among class members." The lawsuit, titled Steinke, et al v. Aon Investments USA Inc., was initiated in June 2021 in the Philadelphia Court of Common Pleas. It alleges that the four defendant investment advisors failed to adequately review their recommendations, leading to a significant decline in the performance of PSERS investments. This downturn resulted in a rise in the amounts deducted from every class member's paycheck between July 1, 2021, and June 30, 2024.
"For over five years, we've been advocating for teachers and public school employees affected by this issue. The settlements aim to help put these funds back in the pockets of public school employees," Mantese emphasized. More comprehensive information regarding the settlements and details on how to cash checks can be found at the official website pserssharedriskclassaction.com.
In case a class member has misplaced their settlement check or a beneficiary is seeking to claim on behalf of a deceased class member, protocols for obtaining a replacement check are outlined on the same website.
Co-lead counsel partners with Mantese on this crucial case include J.J. Conway from Conway Law. For any press inquiries, interested parties can reach out to Gerard V. Mantese directly at 248.515.6419 or via email.
This situation speaks to the importance of awareness and action among class members concerning their financial rights. With substantial funds at stake, now is the time for those entitled to these checks to step forward before the opportunity passes them by.
Gerard V. Mantese, co-lead counsel for the class, is urging all class members to cash these checks. He pointed out that these funds result from settlements with the first two of four defendants involved in this complex class action lawsuit that impacts a large number of PSERS members. Just recently, on May 28, 2026, Judge Chad Kenney from the federal court granted preliminary approval of settlements with the third and fourth defendants, setting the date for a Fairness Hearing on October 1, 2026.
Mantese warned, "If the court grants final approval of the settlements with the last two defendants, an additional $11.5 million could potentially be distributed among class members." The lawsuit, titled Steinke, et al v. Aon Investments USA Inc., was initiated in June 2021 in the Philadelphia Court of Common Pleas. It alleges that the four defendant investment advisors failed to adequately review their recommendations, leading to a significant decline in the performance of PSERS investments. This downturn resulted in a rise in the amounts deducted from every class member's paycheck between July 1, 2021, and June 30, 2024.
"For over five years, we've been advocating for teachers and public school employees affected by this issue. The settlements aim to help put these funds back in the pockets of public school employees," Mantese emphasized. More comprehensive information regarding the settlements and details on how to cash checks can be found at the official website pserssharedriskclassaction.com.
In case a class member has misplaced their settlement check or a beneficiary is seeking to claim on behalf of a deceased class member, protocols for obtaining a replacement check are outlined on the same website.
Co-lead counsel partners with Mantese on this crucial case include J.J. Conway from Conway Law. For any press inquiries, interested parties can reach out to Gerard V. Mantese directly at 248.515.6419 or via email.
This situation speaks to the importance of awareness and action among class members concerning their financial rights. With substantial funds at stake, now is the time for those entitled to these checks to step forward before the opportunity passes them by.
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