American Airlines 401k ERISA Class Action Settlement
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 (the “Class Period”).
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. There are approximately 103,000 Class Members
Proof of Purchase
Whitney Main, et al., v. American Airlines, Inc., et al.,Case No. 4:16-cv-00473- District Court for The Northern District of Texas
The Class Representatives claim that, during the Class Period, Defendants violated ERISA by offering American Beacon Funds in the Plan to the exclusion of more prudent alternative funds managed by investment managers not affiliated with American Airlines or American Beacon and by offering mutual funds rather than other forms of investment products. In the Settlement, “American Beacon Funds” means mutual funds in the Plan’s lineup managed in whole or in part by American Beacon or its affiliates or subsidiaries. Nothing in the Settlement Agreement is an admission or concession on Defendants’ part of any fault or liability whatsoever.