FirstGroup America $9,000,000 ERISA Settlement
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If you were a participant in the FirstGroup America, Inc. Retirement Savings Plan and had any portion of your account invested in the Aon Hewitt Funds at any time on or after October 1, 2013, you may be eligible to claim a portion of a $9,000,000 from a class action settlement.

FirstGroup America, Inc. has agreed to settle a class action lawsuit for alleged breaches of fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA).

Who benefits?

The class members include all participants and beneficiaries of the FirstGroup America, Inc. Retirement Savings Plan from October 1, 2013, through August 1, 2024 and had any portion of their account invested in the Aon Hewitt Funds.

How much can class members get?

The settlement will provide a $9 million Settlement Fund. This amount will be allocated to eligible Settlement Class Members after deductions for Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Service Awards.

  • Participant Class Members: Those with a positive balance in their Plan account as of the date of Final Approval will automatically receive allocations directly to their Plan accounts.
  • Former Participant Class Members: Those who no longer have a Plan account or do not have a positive balance will receive their settlement payment in the form of a check or a tax-qualified rollover if they elect a rollover.

The Net Settlement Amount will be divided pro rata among Settlement Class Members based on their average quarterly balances in the Aon Hewitt Funds during the Class Period. If a Former Participant Class Member's calculated share is less than $5.00, their share will be reallocated among other members.

Participant Class Members do not need to take any action to receive their share of the Settlement.

Former Participant Class Members who wish to receive their share via a rollover must submit a Former Participant Rollover Form by November 21, 2024.

Payment methods

  • Direct allocation to Plan accounts for Participant Class Members.
  • Check or rollover to a qualified retirement account for Former Participant Class Members.

Settlement Fund Breakdown

The settlement fund of $9,000,000 will cover:

  • Attorneys’ Fees: Not to exceed $3,000,000
  • Administrative Expenses and Litigation Costs: To be deducted from the fund
  • Class Representative Service Awards: Up to $10,000 for each Class Representative

Important dates

  • Fairness Hearing: December 12, 2024
  • Deadline to File a Claim: Not applicable as no action is needed

When is the FirstGroup America ERISA Settlement payout date?

The Court will hold a Fairness Hearing on December 12, 2024, to determine whether to grant final approval of the Settlement. If approved, distributions will follow, assuming no appeals.

Why is there a class action settlement?

The lawsuit was filed against FirstGroup America, Inc. and Aon Hewitt Investment Consulting, Inc., alleging they did not act in the best interest of Plan participants by selecting and retaining the Aon Hewitt Funds. The settlement avoids the uncertainty and expense of further litigation.

Settlement Open for Claims
Award:
Varies
Deadline:
SUBMIT CLAIM