General Dynamics and FAMCO Class Action Settlement Of Class Action Lawsuit Over 401k Plan Fees.
A class action settlement has been reached in a class action lawsuit against General Dynamics Corp. (“General Dynamics”) and its 401(k) plan sponsor Fiduciary Asset Management LLC of Clayton (“FAMCO”) (collectively “Defendants”) (styled Will, et al. v. General Dynamics Corp.) alleging that thousands of participants in two General Dynamics 401K plans with assets worth approximately $6 billion were charged excessive fees, that billions of dollars worth of 401K business was given to FAMCO without a competitive bidding process and that costs and fees for plan participants were inflated, allegedly in violation of the Employee Retirement Income Security Act of 1974 (“ERISA”), according to class action settlement news reports.
Under the terms of the General Dynamics and FAMCO 401k Plan class action settlement, a $15.15 million settlement fund will reportedly be created by General Dynamics’ insurers, and FAMCO’s insurers and other sources.
The General Dynamics and FAMCO 401k Plan fiduciary class action settlement also reportedly provides, among other things, that:
- Defendants will implement certain practices to maximize the returns plan participants receive from their 401(k) plan investments by keeping the costs of those investments low and have agreed to provide enhanced disclosures to participants regarding fees and expense associated with their 401k investments;
- General Dynamics will continue to pay for the 401k plans’ record-keeping services on a per-participant, rather than an asset, basis, and will not provide subsidies to other benefit plans through the 401(k) plans;
- General Dynamics will credit the 401(k) plans for volume discounts from investment managers who provide services to other General Dynamics benefit plans; and
- FAMCO will be prohibited from recommending itself as investment manager or recommending the allocation of money to investment accounts it manages.
If You Have Thoughts On The General Dynamics and FAMCO 401k Plan Class Action Lawsuit Settlement, Share Your Class Action Comments Below.
I am cliamnet and lost my cliam form. How can i receive another one. You can reach me at 256 237 4446 or mailed at 2201 simpson st. Anniston,AL 36201 or send your phone number.
I have lost my paperwork on the 401k lawsuite. Could you send me another copy of this or call me on how I would make a claim. 501-915-0090 or 501-276-0446. Thank you…..
Dottie Maynard
i too lost my paper work can someone call me at 619 717 3542?
I travel alot and currently in N.C. tomorrow I Will be in S.C. why does it matter from what city/state country I’m in when I sign the claim?
Looking for a claim form also.
I never heard about this until one of the people that I worked with from General Dynamics mentioned it to me. How do I find out more information about this claim. I worked for General Dynamics 01/2000 to I think about 03/2004. As far as I can tell I never received any Paper Work. How do I get a Claim form?
Respectfuly,
Don Niehl
(757)483-9922
I was wondering where we was at with my claim. I havent heard anything since I recieved my claim #
I too haven’t heard anything since recieving the claim # in Nov 2010. Any info is appreciated.
you said going to juge on monday whate monday, and is it finel yet. need some info.thank you.it is very vague
I also have not received any further info on the settlement payments.
Any updates?
Checking to make sure you received my Claim Form Number DNE01151125 Control No. 2137029890 dated October 18, 2010?
I am inquiring about the settlement reached in the Will v. General Dynamics ERISA Settlement. I am wondering how this settlement is going to affect me since my husband past away in November of 2009. My claim #is DNE1144164. It sounds like the settlement only benefits current employees, not former employees. Please get back to me to clarify the decision that has been reached. Thank You for your attention to this matter. Dolores Estrada (909)518-6185
Please let me know when to expect my settlement payment. Thank you.
When can we expect to receive our checks? I can’t find my number could you send me an email with it in it? Thanks
If I understood and read my letter carefully, it said that the settelment money wound be sent out in November of 2010, since that day I have not heard anything else on this matter… what should I expect to come out of this…times are hard these days and any money owed to me would be very much appreciated as soon as possible. Could someone, anyone please give me some feed back… I’m very concerned and waiting, Thanks…
Why is everybody confused on what is going on? When can we expect to recieve a check? Havent heard anything since Nov 2010.
I received information in November of 2010 and haven’t heard anything since then. What is the latest on this settlement? Can anyone give me some information? Thank you.
Whats the hold up on this settlement, when can we expect checks to start going out? or at least a website where we can enter our claim number & or control number to get info?
This should help
The settlement company
THe Garden City Group
gcginc.com/pages/case_details.php?id=1689
The litigation page
gd401ksettlement.com/
got my check today a whooping $38.20
15 MILLION DOLLAR LAWSUIT AND I GOT A $40 DOLLAR CHECK. I WILL NOT CASH IT. I WOULD LIKE A BREAK DOWN OF THE DISTRIBUTION OF THE ”SETTLEMENT FUND’S”…
See the post on April 16 for breakdown of monies. Got my $38.20 yesterday as well. Doesn’t look like claim forms are being accepted any longer.
I was employed by General Dynamics from 1983-2006(laid off) I never received notice of this class action suit and consequently did not file a claim. Was it necessary for me to file a claim given my tenure and status with the company? Many of my former GD colleagues are now employed with me at another company and they have received several checks from the settlement. I was employed with the company twice as long as some of them and I was released on the same day. To my knowledge, I have not received any settlement payments. I presently have a 401K with GD.
I got my check for a whopping $25.12. I wonder what the lawyers got?
Class Action Lawsuits are BS! At 85,000 participants, $15.15M equates to $178/person (http://preview.tinyurl.com/3ns3zqy). If the average check is $40, there is $130 * 85,000 =~$11M missing. I almost guarantee that there will be benefit repercussions to this law suit. In summation, employees are cheated, company loses money, company reduces benefits or cuts raises, your total compensation package is reduced by more than $40, greedy bastard lawyers WALK away with everyone’s money. Be sure to thank the lawyers.
Yeah, you got that right, jama. Every time I’m a part of a multi-million dollar “settlement,” I’m lucky if I see anything over a double-digits. Just another lawyer scam…sigh.
when will class action lawsuit individuals hear something…hasn’t it been over 6 months since the settlement???
was this a skam all along. sort of wasted our time getting all the information they wanted in by a dead line. then nothing.no check, no info., no notice or anythingi was told i was eligible to receive compension. where is it?
Well,well…I have been trying to encourage my kids to be come Lawers. Why ?…If you realy want to SCREW people and get RICH doing it. Become a LAWER, no really, it works. Legally you can do it. It’s the LAW. ( Golden Rule ) Do un to others….then split ! RIGHT !
It seems very strange and unprofessional for a company the size of GD not to show us plan participants the courtesy of, at least, notifying us regarding the status of this lawsuit. Guess 39 years plus with a leading manufacturer and being a plan contributor for about that long doesn’t count for much, does it?
Please advise us as to what is going on.
Maxine L.
I was told that since I still had money in my 401K account that I would not need to submit a claim form. Is this true.
GD doesn’t care about their employees. The working conditions are horrible and they lay off employees left and right. They call them back just to keep up the process of lay off, rehire. I finally convinced my husband to not go back! I am not suprised in the least about the amount of money some of you got back. We filed a claim but we are not holding our breath for a check. God Bless all of you who had to deal with them.
I recall receiving paperwork on this class action lawsuit some time ago and I do believe it stated that if I wanted to be a part of this suit I should do nothing at that particular time. I do not recall getting a claim form that some of the other people have questioned about or getting another copy of such documentation. I have not received any notice as to a settlement or how much money I am entitled to as a result of this suit. So I must ask…is this another one of those cases where the lawyers prove that there was a misjustice done; then receive all the money (as fees) that rightfully belongs to the people that they are supposed to be working for/defending; or is there actually going to be money returned to those that it was originally taken from? If it is required that I fill out and submit a claim form for the return of my money, please send one to me with the instructions as to where the completed form should be returned and when, Thank You!
When will this Class Action be paid out?
I filed my claim (#DNE1100285) on 19 Oct. 2010, and received confir-mation of receipt by the ‘Claims Administrator’ on 23 Nov. 2010. As of this date (1o Oct. 2011), I don’t believe I have received any further cor-espondance pertaining to this settlement.
REH
Same old shit. 26years with GD 6years as a superisor. GD is for GD Lawer millions worker nothing. And our tax dollars is the only thing that keeps GD going.
I did not cash my check in time. Didn’tsee it with the letter.
In fact I expected a larger amount.
The problem is you took out Federal and State taxes and I haven’t cashed the check.
Returned all the info back to you to reissue and it was returned to me stating your PO Box was closed. What do I do now??
Where have you people gone????
My claim # is dne1144304 I have not recieved a check since i filed a claim. My husband also worked at gd during the time of the law suit but i did not recieve a claim form for him. Can he still recieve his portion of the settlement. A response wood be greatly appreciated. Thankyou Susan Valkema
Hi
I got a little check from you all. I took my stuff to the tax man and he wants something showing how much was paid to me and how much went to the goverment. Can you help me with a breakdown?
Sincerely
Allen Shanholtz
claim#DNE1151076
Do you have any information about my status at this time, I was employed at GD from Oct. 82 untill the buy out by Martin then retired in June. 06. 401k transfered to Lockheed Martin upon buyout.
I have not heard anything about the settlement. I had a different e mail address at the time of the class action. How can I find out if I will receive anything. thanks
have you heard anything?
i have a claim number and control number but have heard nothing. What is going on?
i am still waiting for an answer…..
This is now 2013 and since I received the initial paperwork and mailed in my claim form, I have not been contacted by any method–written or oral. Just how do we FOLLOW-UP on current events. This article needs to include a telephone number and address that we can contact someone with authority to answer our questions. There seem to be many above.