AME Church & Newport Group $60M Retirement Fund Settlement

If you were a participant or beneficiary entitled to benefits from the African Methodist Episcopal Church Ministerial Retirement Annuity Plan as of June 30, 2021, you may be qualify to submit a claim for a payment from a $60 million class action settlement.

The African Methodist Episcopal Church (AME Church) and Newport Group, Inc. have agreed to pay a combined total of $60 million to settle a class action lawsuit alleging breach of fiduciary duty, negligence, fraudulent concealment, fraudulent misrepresentation, breach of contract, civil conspiracy, aiding and abetting breach of fiduciary duty, and professional negligence related to the management of the AME Church Ministerial Retirement Annuity Plan.

Who is eligible to receive a settlement payment?

Class members meet the following criteria:

• You were a participant in the African Methodist Episcopal Church Ministerial Retirement Annuity Plan as of June 30, 2021.
• You were a beneficiary entitled to benefits from the Plan as of June 30, 2021.

How much is the class action payout?

Pro Rata Cash Payment: Payment amount will be determined by each class member's account balance as of June 30, 2021 and other factors, such as settlement fund amount after expenses and costs.

No action required to receive a class action settlement payment

• Class members do not need to take any action to receive a settlement payment.
• Settlement funds will be automatically deposited into a Qualified Trust established by the AME Church after the court grants final approval of the settlement.
• After the settlement funds are deposited into the Qualified Trust, eligible class members can take full or partial distributions based on their individual eligibility criteria.

Is supporting documentation required?

Class members do not need to provide proof. The settlement administrator has been provided class member information and retirement fund records.

Payout options

• The settlement funds belonging to the class members will be automatically deposited into the Qualified Trust.
• Class members can then choose to take distributions based on their eligibility.

$60 Million settlement fund breakdown

The settlement fund of $60,000,000 million includes:

• Attorneys' fees: Up to $20,000,000
• Attorneys' expenses: Approximately $1,200,000
• Settlement administration costs: To be determined
• Service awards to class representatives: $20,000 per named plaintiff
• Payments to class members: Remaining settlement funds after deductions

Important dates

• Fairness Hearing: June 26, 2025
• Deadline to Opt-Out: June 6, 2025
• Deadline to File a Claim: No claim submission required

When is the AME Church Employee Retirement Fund settlement payout date?

The final hearing is scheduled to take place on June 26, 2025. Settlement funds will be deposited into the Qualified Trust after the court grants final approval of the settlement. Class members will be notified once their funds are transferred.

Why was this class action lawsuit filed?

The lawsuit was filed by participants of the AME Church Ministerial Retirement Annuity Plan against the AME Church and Newport Group, Inc., alleging mismanagement of retirement funds. The defendants have denied these allegations and maintain that no wrongdoing occurred, but agreed to settle in order to avoid further litigation and a trial.

Sources

1. Official Settlement Website FAQ Page
2. Important Dates & Deadlines from the Official Settlement Website