Tag: 401(k)

$4.75M SunTrust Banks Retirement Plan ERISA Class Action Settlement

Who is a Class Member

You are a member of the SunTrust Banks Retirement Plan ERISA Settlement if you were a participant in or beneficiary of the “SunTrust Banks, Inc. 401(k) Savings Plan (the “Plan”) at any time between May 15, 2007 and March 30, 2011, inclusive and whose accounts included investments in SunTrust common stock during that time period and who sustained a loss to their account as a result of the investment in SunTrust Stock.”

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

Settlement Amount

  • $4,750,000.00

Estimated Award

  • Varies

Your share of the settlement will depend on the investment in SunTrust Stock in your Plan account during the Class Period. You can view the specific details on how the settlement will be calculated in FAQ 8.

Proof of Purchase

  • N/A

Claim Form

  • N/A

SunTrust Banks Retirement Plan ERISA Settlement Notes

  • In re SunTrust Banks, Inc. ERISA Litigation
  • Case No. 1:08-cv-03384-RWS
  • Pending in the U.S. District Court for the Northern District of Georgia, Atlanta Division

In July 2008, ten plaintiffs filed the first of several class action complaints against SunTrust Banks alleging claims for breach of fiduciary duty under ERISA. Specifically, the plaintiffs allege that SunTrust Banks, who were responsible for the investment of participants 401(k) Savings Plan failed to loyally manage the Plan’s investment in company securities by:

  1. continuing to offer SunTrust Stock as a Plan investment option when it was imprudent to do so;
  2. failing to provide complete and accurate information to Plan Participants regarding the SunTrust Bank’s financial condition; and
  3. maintaining the Plan’s pre-existing significant investment in SunTrust Stock when the stock was no longer a prudent investment for the Plan.

After numerous rounds of consolidation, amended complaints, motions for dismissal, and appeals, the parties reached a settlement.

SunTrust Banks continues to deny all liability with respect to the claims but agreed to settle the case. Complete details are provided in the Settlement Agreement. The Settlement Agreement and other related documents are available on the SunTrust Banks ERISA Settlement website.

Note: Because of the way ERISA operates, you cannot exclude yourself from the settlement. However, Class members may object to the terms of the SunTrust ERISA Settlement and must do so by June 14, 2018. Class members who wish receive benefits from the settlement do not need to do anything.

Important Dates

  • 6/14/18: Objection Deadline
  • 6/28/18: Final Hearing at  10:00 am ET* (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 SunTrustERISASettlement.com to confirm that the date or time of the Hearing has not been changed.

Contact Information

  • Mail: In Re SunTrust Banks, Inc. ERISA Litigation, C/O JND Legal Administration, P.O. Box 91343, Seattle, WA 98111
  • Phone: 1-833-898-4008

Class Counsel

Settlement Website

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$2.7M Trojan Horse Retirement Plan ERISA Class Action Settlement

Who is a Class Member

You are a member of the Trojan Horse Retirement Plan ERISA Settlement if you were an employee of Trojan Horse, Ltd., Glen Burnie Hauling, Inc., BDH Logistics, LLC, or Capitol Expressways, Inc., and you contributed to the Trojan Horse Ltd 401(k) Plan through payroll deduction from January 1, 2011, through September 20, 2016.

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

Settlement Amount

  • $2,702.233.37

Estimated Award

  • Varies

The amount of your money you will be entitled to will be approximately 85% of the monies deducted as Plan contributions from your pay, but not deposited into the Plan on your behalf.

Proof of Purchase

  • N/A

Claim Form

  • N/A

Trojan Horse Retirement Plan ERISA Settlement Notes

  • Longo v. Trojan Horse Ltd.
  • Case No. 5:13-cv-418-BO
  • Pending in the U.S. District Court for the Eastern District of North Carolina

In 2013, four plaintiffs who were former employees of Trojan Horse Ltd. or Glen Burnie Hauling, Inc. brought this class action lawsuit alleging violations of the Employee Retirement Income Security Act (ERISA). Specifically, the plaintiffs assert that they and other participating employees in the Trojan Horse Retirement Plan had a porttion of their wages deducted as contributions into the Plan, but these contributions were never deposited.

According to court documents, Ascensus Trust Company was the directed trustee for the Trojan Horse Retirement Plan. The case went to trial and Ascensus was found to not have met its fiduciary duty in making sure employees’ contributions were properly paid into the Plan and was ordered to pay $2,985.914.27. Ascensus appealed the ruling and during the appeal process, the parties reached a settlement for $2,702.233.37 (around 90% of what was won at trial).

The settlement also indicates that Ascensus will pick up the full tab for attorneys’ fees, court costs, and expenses as well as half of the settlement administration costs. These amounts will be separate from the $2.7 million settlement and will not reduce any settlement payouts to Class Members.

Complete details are provided in the Settlement Agreement. The Settlement Agreement and other related documents are available on the Trojan Horse Retirement Plan ERISA Settlement website.

Class members who wish to exclude themselves or object to the terms of the Trojan Horse Retirement Plan ERISA Settlement must do so by May 7, 2018. Class members who wish receive benefits from the settlement do not need to do anything.

Important Dates

  • 5/7/18: Objection or Exclusion Deadline
  • 6/5/18: Final Hearing at  2:00 pm ET* (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 TrojanHorseSettlement.com to confirm that the date or time of the Hearing has not been changed.

Contact Information

  • Mail: Longo v. Trojan Horse, c/o Notice Administrator, 1801 Market Street, Suite 660, Philadelphia, PA 19103
  • Phone: 1-877-445-0259

Class Counsel

  • Stephen A. Dunn and S. Michael Dunn of Emanuel & Dunn
  • Steven R. Jaffe and Mark S. Fisto

Settlement Website

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$14M Fujitsu 401(k) Plan ERISA Class Action Settlement

Who is a Class Member

Class members of the Fujitsu 401(k) Class Action Settlement include “all participants and beneficiaries of the Fujitsu Group Defined Contribution and 401(k) Plan at any time on or after June 30, 2010 through September 30, 2017 including any Beneficiary of a deceased person who was a Participant in the Plan at any time during the Class Period, and any Alternate Payees in the case of a person subject to a Qualified Domestic Relations Order who was a Participant in the Plan at any time during the Class Period.”

There are approximately 22,705 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

  • $14,000,000.00

Estimated Award

  • Varies

The Net Settlement Amount will be divided pro rata among eligible Class Members based on each eligible Class Member’s quarterly account balances.

Class Members who are entitled to a distribution but who no longer have active Accounts as of December 6, 2017 (“Former Participants”) will receive their allocations in the form of a check or rollover.

Proof of Purchase

  • N/A

Claim Form for Former Participants

  • class action lawsuits

Fujitsu 401(k) Settlement Notes

  • Jerry Johnson, et al., v. Fujitsu Technology and Business of America, Inc., et al.
  • Case No. 5:16- cv-03698 NC
  • Pending in the U.S. District Court for the Northern District of California

This class action lawsuit stems from allegations that Fujitsu Technology and Business of America Inc. failed to prudently and loyally control the Fujitsu Group Defined Contribution and 401(k) Plan costs and failed to manage the Plan’s investments in the best interests of Plan participants and beneficiaries,, breaching their fiduciary under ERISA.

“Defendants’ failure to prudently evaluate and manage the Plan’s recordkeeping and administrative fees, failure to implement and utilize a prudent process for selecting and monitoring the Plan’s investments in a cost-conscious manner, and their imprudent design, implementation, and monitoring of the Plan’s custom target-date funds, together constitute breaches of their fiduciary duties of prudence and loyalty,” the Fujitsu 401(k) class action alleges.

Both Fujitsu and BOA deny the claims and any liability, asserting that the Class or the Plan has not suffered any harm or damage. However, the defendants agreed settle to the tune of $14 million to avoid the uncertainty of further litigation. Complete details about the case and settlement are provided on the Fujitsu 401(k) Settlement website.

Class members who wish to object to the terms of the Fujitsu 401(k) Settlement must do so by April 6, 2018. Class members who wish to submit a Former Participant Claim Form must do so on or before April 13, 2018. Class members who are Current Participants do not need to do anything.

Important Dates

  • 4/13/18: Former Participant Claim Form Deadline
  • 4/6/18: Objection Deadline
  • 5/4/18: Final Hearing at 11:00 pm PT* (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 www.Fujitsu401kSettlement.com to confirm that the date or time of the Hearing has not been changed.

Contact Information

  • Mail: Fujitsu Group Defined Contribution and 401(k) Plan, c/o Analytics Consulting LLC, P.O. Box 2005, Chanhassen, MN 55317-2005
  • Phone: 1-866-997-1382
  • Email: info@Fujitsu401kSettlement.com

Class Counsel

Settlement Website

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$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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