In the event you are an employee that doesn’t qualify for this class action settlement, you need to take a look at these class action settlements to see if those are applicable to your situation.
The settlement amount for the American Airlines, Inc. 401(k) Plan Class Action is $22 million. However the amount that would be awarded to each individual would vary and is based on several criteria. The amount each person is entitled to is based on the recorded that are maintained by the Plan’s records. The Settlement Administrator would calculate and determine how the settlement amount would be distributed among the class members. This decision would be binding and final, and in accordance to the court approved plan of allocation.
Who Qualifies Here And How Do They Receive Their Share
To qualify for a payout from this settlement, you need to either be a current participant, or an authorized former participant who had turned in a former participant claim form by the deadline.
The settlement amount would be divided amongst the class members after they have evaluated how much each individual invested in the mutual funds involved in the lawsuit, which is American Beacon Funds or Non-American Beacon Mutual Funds, during the class period of April 15, 201 and October 30, 2015. The weighted balance of each class member is weighted at a rate of 10 times the amount invested in American Beacon Funds, and 1 time the amount the same amount that has been invested in Non-American Beacon Mutual Funds.
Class action members may need to act in a timely manner to qualify for their payment out of this settlement. If you are considered a former participant, you should turn in a valid Former Participant Claim form by February 12, 2018. There is no need to do anything to receive your share of this class action settlement if you are considered a current participant.
Notes From American Airlines 401(K) Class Action Settlement
This class action settlement concerns the case between Whitney Main, et al., and American Airlines, Inc., et al., Case Number 4:16-cv-00473-O, that is pending.
This class action lawsuit was started with the allegation that American Airlines broke their fiduciary duty under the requirements of ERISA. The plaintiffs specifically state that the 401(K) plan managers stayed with the investment options provided by American Beacon Advisors even when better investment options were available through other fund managers not in a relationship with American Airlines.
It was then stated by the plaintiffs that American Airlines seemed to favor and had more interest financially in American Beacon. This affected the plan and their participants were at a disadvantage because of the bias involved in their choice of investment.
The participants went on in their complaint to state that they would have made tens of millions extra in their investment returns between 2010 and 2015, had the defendants American Airlines chose other investment options over American Beacon Funds.
American Airlines did not admit to committing any mistakes but agreed to settle the case for $22 million to avoid any further litigation. This Settlement was first approved on October 23, 2017.
The Frequently Asked Questions (FAQ) section of the settlement website would summarize the terms of the settlement and tell the process Class Members need to follow to file their claim. This settlement agreement and other documents are made available for your view at the American Airlines 401(K) Settlement website.
Class members who would like to object to the terms of this class action settlement need to do so by January 24, 2018. Class members who wish to obtain their share of the payout must apply by February 12, 2018. The Final Fairness hearing would take place on February 21 2018 at 9.00 am CT. Class members need not attend the hearing to receive their share of the class action settlement. In the event you wish to attend or speak at the hearing, please check the website at aasupersaver201ksettlement.com to ensure that the time and date of the hearing has not changed.
The Class Counsel are Kai H. Richter, Carl F. Engstrom, Paul Lukas, Brandon T. McDonough, and Brock J. Specht of Nicols Kaster PLLP, and Joe Kendall and Jody Rudman of Kendall Law Group LLP.
The contact information for this settlement administrator is as follows
American Airlines 401(k) Plan Settlement Administrator,
P.O. Box 2002,
Chanhassen, MN 55317-2002