American Airlines, Inc. 401(k) Plan (formerly known as $uper $aver) reaches $22 million settlement in self-dealing lawsuit

The settlement, if approved, would be among the largest in cases alleging enrichment due to use of proprietary investments..

Plaintiffs brought the suit, Main et al v. American Airlines Inc. et al, in April 2016. They alleged defendants breached their fiduciary duties under the Employee Retirement Income Security Act of 1974 by selecting and retaining high-cost mutual funds offered by American Beacon, an investment manager affiliated with American Airlines.

Terry Buck sent an email to them asking for additional information and this is what was returned..

Thank you for contacting me regarding the case relating to the American Airlines, Inc. 401(k) Plan (formerly known as $uper $aver). On July 7, we filed a motion for preliminary approval of a proposed settlement. At this point, we are waiting for the judge to rule on the motion before any further action is taken. If the motion is approved, a settlement notice will be sent to all eligible class members with further instructions.

Please call or email with any additional questions.

Regards,

EMPLOYEE & CONSUMER RIGHTS 

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