Aegis Media $500,000 ERISA Settlement: Claims & Dates

If you were a participant in the Aegis Media BenefitsPlus 401(k) Profit Sharing Plan from May 8, 2014, through August 29, 2024, you may be eligible to claim a portion of a class action settlement.

Aegis Media Americas, Inc. has agreed to pay $500,000 to settle a class action lawsuit for alleged breaches of fiduciary duties under ERISA.

Who are the class members?

Class members include individuals who were participants or beneficiaries of the Aegis Media BenefitsPlus 401(k) Profit Sharing Plan from May 8, 2014, to August 29, 2024.

How much can class members get?

The settlement provides a fund of $500,000, which will be distributed among class members after deducting legal fees, administrative costs, and other expenses.

The exact amount each member receives will depend on their account balance during the Class Period.

The allocation will be calculated as follows:

• Each member’s account balance at specific dates will be summed to determine their share.
• The share is proportional to the sum of a member’s balance compared to the total balance of all members.

Class members do not need to take any action to receive their share of the settlement. Payments will be automatically distributed based on the Plan’s records.

$500,000 Settlement fund

The settlement fund of $500,000 will cover various expenses and distributions:

• Attorneys’ fees: Up to $166,650
• Litigation expenses: Up to $50,000
• Case Contribution Awards for Named Plaintiffs: Up to $5,000 each
• Net Settlement Amount: Distributed to class members

Important dates

• Fairness Hearing: February 26, 2025
• Deadline to File a Claim: Not applicable as no claim filing is needed

When is the BenefitsPlus 401(k) Profit Sharing Plan payout date?

The Court will hold a Fairness Hearing on February 26, 2025, to decide whether to approve the settlement. If approved, the funds will be distributed to eligible class members.

Why is there a class action settlement?

The lawsuit alleged that Aegis Media Americas, Inc. breached its fiduciary duties under ERISA by failing to manage the Plan’s investment options and expenses prudently. The settlement avoids the uncertainty of continued litigation and provides compensation to affected participants.