Frequently Asked Questions

No, you are not being sued.

In the Class Action, the Class Representative claims that the Defendants improperly selected and retained the Russell Funds for the Plan, and that it was not prudent or in the best interest of participants for them to do so. The Class Representative also alleges that Russell had a conflict of interest in selecting and retaining these funds or recommending their selection and retention.

The Defendants deny all claims and assert that they have always acted prudently and in the best interests of participants and beneficiaries.

The Settlement Class is defined as follows:

All participants and beneficiaries of the Royal Caribbean Cruises, Ltd. Retirement Savings Plan at any time on or after October 1, 2015 through May 23, 2019, who had any portion of their account invested in the Russell Funds.

The Court dismissed the Class Representative’s claims against Defendants, but the Court’s decision is on appeal. The Class Representative and Russell agreed to the Settlement during the pendency of the appeal. The Settlement is the product of extensive negotiations between the Class Representative, Russell, and their counsel.

The parties to the Settlement have taken into account the uncertainty, risks, and costs of further litigation and have concluded that it is desirable to settle on the terms and conditions set forth in the Settlement Agreement. The Class Representative and Class Counsel believe that the Settlement is best for the Settlement Class.

Nothing in the Settlement Agreement is an admission or concession on Russell’s part of any fault or liability whatsoever. The parties to the Settlement have entered into the Settlement Agreement to avoid the uncertainty, expense, and burden of additional litigation.

Under the Settlement, Russell or its insurers will pay $500,000 into a Qualified Settlement Fund to resolve the claims of the Settlement Class against Russell. The Net Settlement Amount, after deduction of any Court-approved Attorneys’ Fees and Costs, Administrative Expenses, and Service Award, will be allocated to Settlement Class Members according to a Plan of Allocation to be approved by the Court. Allocations to Participant Class Members who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the Plan. Former Participant Settlement Class Members who are entitled to a distribution will receive their distribution via check.

If the dollar amount of the settlement payment to a Former Participant Class Member is calculated by the Settlement Administrator to be less than $5.00, then that Former Participant Class Member’s pro-rata share shall be zero for all purposes, and his or her share shall be reallocated amongst the other Class Members. Class Members whose pro-rata shares are zero will still be bound by their release of claims.

All Settlement Class Members and anyone claiming through them will fully release Russell and the Released Parties from certain Plaintiff’s Released Claims, as defined in the Settlement Agreement. The Released Parties include Russell and certain related parties as outlined in the Settlement Agreement. The Plaintiff’s Released Claims include any claims against any of the Released Parties with respect to the Plan that were asserted in the Action against Russell or could have been asserted against Russell, including but not limited to those based on: (1) the selection, retention, or monitoring of the Russell Funds in the Plan’s investment lineup; (2) the selection, retention, or monitoring of Russell; (3) the performance, fees, and other characteristics of the Russell Funds in the Plan’s investment lineup; (4) Russell’s performance as a fiduciary to the Plan or its fees charged to the Plan; or (5) the restructuring or modification of the Plan’s investment lineup. In addition, Plaintiff’s Released Claims also include certain other claims as set forth in the Settlement Agreement.

The Non-Settling Defendants are not Released Parties under the Settlement. However, it is a condition of the Settlement that the Court enter an order barring the Non-Settling Defendants from asserting certain claims against Russell and that any judgment that is later entered against the Non-Settling Defendants in the Action will be subject to a judgment reduction equal to the amount that represents the greater of the Gross Settlement Amount or the proportionate share of fault that the Court attributes to Russell at trial, if any, with respect to any later judgment.

If you have been identified as a Class Member, you do not need to do anything to receive your share of the Net Settlement Amount.

Allocations to Participant Class Members who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the Plan.

Former Participant Settlement Class Members who are entitled to a distribution will receive their distribution via check.

The Court has appointed the law firms of Nichols Kaster, PLLP in Minneapolis, Minnesota and Wenzel, Fenton, Cabassa, P.A. in Tampa, Florida as Class Counsel in the Class Action. If you want to be represented by your own lawyer, you may hire one at your own expense.

No. The Settlement Class has been certified under Federal Rule of Civil Procedure 23(b)(1). Therefore, as a Settlement Class Member, you are bound by the Settlement (if it receives final Court approval) and any judgments or orders that are entered in the Action. If you wish to object to any part of the Settlement, you may write to Class Counsel and Russell’s counsel about why you object to the Settlement, as discussed in the following question.

If you are a Settlement Class Member, you can object to the Settlement by mailing to Class Counsel and to Russell’s counsel at the addresses below a written objection explaining why you object and any supporting documents, and your objection will, in turn, be provided to the Court.

Your written objection must: (1) clearly identify the case name and number: Johnson v. Russell Investments Trust Company, et al., Civil No. 1:22-cv-21735-RNS; (2) include your full name, current address, and telephone number or email address; (3) describe the position you wish to assert, including the factual and legal grounds for the position; (4) provide copies of all documents that you wish to submit in support of your position; (5) provide the name(s), address(es) and phone number(s) of any attorney(s) representing you; and (6) include your signature.

Your written objection and supporting documents must be mailed to Class Counsel and Russell’s counsel no later than June 15, 2026, to be considered. Class Counsel and Russell will have an opportunity to respond to your objection. Please note that the Court’s Order Granting Preliminary Approval of this Settlement provides that any party to the litigation may, but is not required to, serve discovery requests, including requests for documents and notice of deposition not to exceed two hours in length, on any objector. Any responses to discovery, or any depositions, must be completed within ten days of the request being served to the objector.

Class Counsel
Brock Specht
Paul Lukas
Nichols Kaster, PLLP
4700 IDS Center 80 South 8th Street
Minneapolis, MN 55402

Russell’s Counsel
Sean M. Murphy
Robert C. Hora
Milbank LLP
55 Hudson Yards
New York, NY 10001

The Court will hold a Fairness Hearing at 10:00 a.m. on July 6, 2026, at the United States District Court for the Southern District of Florida, Wilkie D. Ferguson, Jr. U.S. Courthouse, 400 North Miami Avenue, Miami, FL 33128, in Room 12-3.

At the Fairness Hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. The Court also will consider the motion for Attorneys’ Fees and Costs and Administrative Expenses. If there are objections, the Court will consider them then.

Please note that if the Fairness Hearing is rescheduled, or if it is held by video conference or telephone, a notice will be posted on this website.

You may email the Settlement Administrator at RoyalCaribbean401kSettlement@noticeadministrator.com, or call at 833-583-9302.