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Current and former employees who participated in the Aluminum Precision Products employee stock ownership plan (ESOP) at any point since March 27, 2018, may be eligible to receive a payment from a $2 million class action settlement.
Aluminum Precision Products Inc. has agreed to pay $2 million to settle a class action lawsuit that alleged improper management of the plan’s other investments account, in violation of certain provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Who is eligible to receive an ERISA payout?
Class members are participants and beneficiaries of the Aluminum Precision Products employee stock ownership plan at any time since March 27, 2018, including individuals who currently have an account in the plan and individuals who previously had an account in the plan, but not currently.
How much are settlement payments?
Pro rata payment: Eligible class members will receive a pro rata payment from the net settlement fund. Final payment amount will be determined by each member's average account balance in the plan's other investment accounts and average balance of all class member accounts.
No claim form required
A claim form is not required to receive a settlement payment. Former plan participants can file a rollover form online or print the PDF rollover form to complete and mail to the settlement administrator in order to have their settlement payment deposited into an IRA or other eligible retirement plan account.
Settlement administrator's mailing address: Aluminum Precision Products Inc. ESOP Class Action Settlement Administrator, PO Box 64053, Saint Paul, MN 55164
The rollover form deadline is Sept. 2, 2026.
Payout options
- Current participants will receive a direct deposit into their plan account.
- Former participants that submit a rollover form will receive a direct deposit into the designated IRA or eligible retirement account.
- Former participants that do not submit a rollover form will receive a check mailed to the address on file.
Settlement fund breakdown
The $2,000,000 settlement fund will include:
- Settlement administration costs: To be determined
- Independent fiduciary fee: Up to $20,000
- Attorneys' fees: Up to $666,666.67
- Attorneys' expenses: To be presented to the court for approval at a later date
- Service award to class representative: Up to $5,000
- Payments to eligible class members: Remaining settlement funds
Important dates
- Rollover form deadline: Sept. 2, 2026
- Final fairness hearing: Sept. 16, 2026
When is the Aluminum Precision Products ESOP settlement payout date?
Payments will be issued eligible class members approximately four months after the court grants final approval of the settlement.
Why was there a class action settlement?
This class action lawsuit was filed because the plaintiff alleged that the ESOP committee of the Aluminum Precision Products Inc. employee stock ownership plan failed to properly manage the plan’s other investments account, allegedly violating ERISA.
APP denies the allegations, but agreed to settle to avoid the risk and expense of continued litigation.
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