Mantese Honigman, PC: PSERS Class Action Settlement Checks Going Unclaimed

PHILADELPHIA, June 29, 2026 /PRNewswire/ -- Over $2 million in Class Action settlement checks mailed to members of Pennsylvania's Public School Employees Retirement System (PSERS) haven't been cashed.

On February 20, 2026, the Class Action Administrator, A.B. Data, mailed checks to over 100,000 Class Members totaling over $9.1 million.

As of June 19, 2026, 54,462 checks totaling over $2 million remain uncashed.

Co-lead Counsel for the Class, Gerard V. Mantese, urges Class Members to cash these checks, which represent proceeds from settlements with the first two of four Defendants in the complex class action affecting many PSERS members. Mantese reported that, on May 28, 2026, federal court Judge Chad Kenney granted preliminary approval of settlements with the third and fourth Defendants and set October 1, 2026 as the date for a Fairness Hearing on these settlements.

"If the Court grants final approval of the settlements with the last Defendants, there could be as much as an additional $11.5 million to be distributed to Class Members" Mantese stated.

The case is Steinke, et al v. Aon Investments USA Inc., originally filed in June 2021 in the Philadelphia Court of Common Pleas. The lawsuit alleges that the four Defendant investment advisors (hired to advise the pension fund about various alternative investments) failed to critically vet their recommendations, causing a crucial drop in the performance of PSERS' investments. That drop triggered an increase in the amount withheld from every Class Members' paycheck between July 1, 2021 and June 30, 2024. "We've been fighting for these teachers and other public school employees for over 5 years. The settlements in the case help put some of those dollars back into the public school employees' pockets," Mantese stated. Further details about the settlements are available at: pserssharedriskclassaction.com

If a Class Member has lost a settlement check (or a Class Member has passed away), a replacement check can be obtained. Details are available on the website.

Co-Lead counsel for the Class are Gerard Mantese, of Mantese Honigman, PC, and J.J. Conway, of Conway Law.

For press questions, contact Gerard V. Mantese, Esq. 248.515.6419 [email protected].

SOURCE Mantese Honigman, PC