American Airlines 401(k) Investments Settlement

Settlement Structure: Claims Made

Active: Closed

Closed Settlement Statement:
According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.

Case Summary:

American Airlines is settling a class action with a $22,000,000 settlement fund for over 100,000 current and former members of its 401(k) plan. The complaint alleged that the defendants violated ERISA provisions by offering American Beacon Funds in the plan and excluding other, more prudent funds not associated with American Airlines or American Beacon, and by offering mutual funds rather than other investment products.

“American Beacon Funds” are those managed in whole or in part by American Beacon or related companies, including the following options: American Beacon Intermediate Bond Fund, American Beacon Large Cap Value Fund, American Beacon S&P 500 Index Fund, American Beacon Small Cap Value Fund, American Beacon International Equity Index Fund, American Beacon Balanced Fund, American Beacon International Equity Fund, American Beacon Treasury Inflation Protected Securities Fund, American Beacon Short-Term Bond Fund, American Beacon Large Cap Growth Fund, American Beacon Mid Cap Value Fund, American Beacon Emerging Markets Funds, American Beacon Small Cap Index Fund, American Beacon High Yield Bond Fund, Conservative Pre-Mixed Portfolio, Moderate Pre-Mixed Portfolio, or Aggressive Pre-Mixed Portfolio. The Settlement also includes “Non-American Beacon Mutual Funds”, which consist of mutual funds in the Plan’s lineup not managed in whole or in part by American Beacon or its affiliates or subsidiaries, including the following funds: Dodge & Cox Stock Fund, Dreyfus Emerging Markets Fund, Dreyfus Opportunistic Midcap Value Fund, Fidelity Diversified International Fund, Fidelity Puritan Fund, Fidelity Retirement Money Market Fund, Fidelity Spartan U.S. Bond Index Fund (a.k.a. Fidelity U.S. Bond Index Fund), Janus Fund, MFS Growth Fund, Perkins Small Cap Value Fund, T. Rowe Price High Yield Fund, T. Rowe Price Mid-Cap Growth Fund, T. Rowe Price New Horizons Fund, T. Rowe Price Science & Technology Fund, J.P. Morgan U.S. Government Money Market Fund. 

Docket Number:

4:16-cv-00473-O

Company: American Airlines

Filing Deadline: February 12, 2018

Class Period: April 15, 2010 to October 30, 2015

Objection Deadline: January 24, 2018

Final Approval Hearing: February 21, 2018

Proof of Purchase:

No, if you are a current or former participant; yes, if you are a surviving spouse or other alternate payee.

Eligibility:

You may be eligible if you participated in the American Airlines, Inc. 401(k) Plan, formerly called $uper $aver, a 401(k) Capital Accumulation Plan for Employees of Participating AMR Corporation Subsidiaries, whose account included investments in American Beacon Funds or non-American Beacon Mutual Funds at any time between April 15, 2010 and October 30, 2015.

Class members may include current participants in the plan, authorized former participants, or beneficiaries or alternate payees of current or former participants. (Alternate payees may make claims in cases such as when participants are subject to a Qualified Domestic Relations Order.)

Current participants with current accounts will automatically receive payments to their accounts; if they leave the plan before distribution, they will receive a check. Former participants must submit a former participant claim form and may choose to receive a rollover to a qualified retirement account or a check.

Typical Settlement Amount:

Share of the net settlement fund, to be calculated separately for each account by an allocation formula agreed to in the settlement. Alternate payees pursuant to a Qualified Domestic Relations Order will receive portions pursuant to the terms of the order.

Total Settlement Amount: $22,000,000

Class Representative Proposed Incentive Fee:

$10,000

Law Firms:
Kendall Law Group PLLC
Nichols Kaster PLLP

Claim Form: American Airlines 401(k) Settlement Claim Form

Case Name: Main, et al. v. American Airlines, Inc., et al.

Settlement Website: American Airlines 401(k) Settlement Website

Claims Administrator:
Analytics Consulting LLC

Claims Administrator Contact Information:

American Airlines 401(k) Plan Settlement Administrator
P.O. Box 2002
Chanhassen, MN 55317-2002

Tags: Breach of Fiduciary Duty, ERISA Violations, Failure to Replace Underperforming Assets