$22M American Airlines 401(k) Class Action Settlement

Who is a Class Member

The American Airlines 401(k) Settlement includes: “All persons who participated in the American Airlines, Inc. 401(k) Plan, formerly known as $uper $aver, a 401(k) Capital Accumulation Plan for Employees of Participating AMR Corporation Subsidiaries (the Plan), whose Plan account included an investment in the American Beacon Funds or Non-American Beacon Mutual Funds (the Disputed Investments) at any time between April 15, 2010 and October 30, 2015.”

It is estimated that they are approximately 103,000 Class Members.

If you don’t qualify for this settlement, check out our database of other class action settlements you may be eligible for.

Settlement Amount

  • $22,000,000.00

Estimated Award

  • Varies

Individual payments will be “based upon records maintained from thePlans’ recordkeepers. Calculations regarding the individual distributions will be performed by the Settlement Administrator, whose determinations will be final and binding, pursuant to the Court-approved Plan of Allocation.”

To receive a payout from the net settlement, you must either be :

  1. a “Current Participant”; or
  2. an “Authorized Former Participant” who submitted a completed, satisfactory Former Participant Claim Form by the deadline

“The Net Settlement Amount will be divided pro rata among Class Members based on each eligible Class Member’s weighted account balance invested in Disputed Investments during the Class Period. For purposes of determining each Class Member’s weighted balance, account balances in American Beacon Funds will be weighted at a rate of 10 times the dollar amount invested, and account balances in Non-American Beacon Mutual Funds will be weighted at a rate of 1 times the dollar amount invested.”

Proof of Purchase

  • Former Participants: To qualify for payment, you must return a valid, timely Former Participant Claim Form to receive your share of the Settlement by February 12, 2018.
  • Current Participants: You do not need to do anything to receive your share of the settlement.

Claim Form

  • class action lawsuits

American Airlines 401(k) Settlement Notes

  • Whitney Main, et al., v. American Airlines, Inc., et al.
  • Case No. 4:16-cv-00473-O
  • Pending in the U.S. District Court for the Northern District of Texas, Fort Worth Division

Several named plaintiffs initiated this class action lawsuit alleging American Airlines breached their fiduciary duty under ERISA. Specifically, the plaintiffs say that the 401(k) Plan Managers retained investment options from American Beacon Advisors “when superior alternative investments were available from other fund managers not affiliated with American Airlines,” according to court documents.

“Plaintiffs alleged that American Airlines had a financial interest in American Beacon and that American Airlines defendants favored American Beacon funds as investment options to the detriment of the plan and participants,” the complaint reads.

The participants maintain that they would have “realized tens of millions of dollars more in investment returns, net of fees, between 2010 and 2015 had defendants replaced the American Beacon funds with prudent alternatives available in the marketplace,” the class action lawsuit states.

American Airlines denies any wrongdoing but agreed to settle the case for $22 million to avoid further litigation. The American Airlines 401{k) Settlement was preliminarily approved on October 23, 2017.

The Frequently Asked Questions section on the settlement website further summarizes the terms of the settlement and how Class Members can file a claim. Complete details are provided in the Settlement Agreement. The Settlement Agreement and other related documents are available on the American Airlines 401(k) Settlement website.

Class members who wish object to the terms of the American Airlines 401(k)Settlement must do so by January 24, 2018. Class members who wish to submit a claim for payment must do so by February 12, 2018.

Important Dates

  • 2/12/18: Claim Filing Deadline
  • 1/24/18: Objection Deadline
  • 2/21/18: Final Fairness Hearing at 9:00 am CT* (class members do not need to attend this hearing in order to receive a slice of the settlement pie).

*Settlement Class Members who wish to speak at the hearing should check aasupersaver401ksettlement.com to confirm that the date or time of the Hearing has not been changed.

Contact Information

  • Mail: American Airlines 401(k) Plan Settlement Administrator, P.O. Box 2002, Chanhassen, MN 55317-2002
  • Phone: 1-855-755-4673
  • Email: Claims@AASupersaver401kSettlement.com

Class Counsel

Settlement Website

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