UNITED STATES DISTRICT COURT, CENTRAL DISTRICT OF CALIFORNIA
Rocke, et al. v. Allianz Asset Management of America LLC, et al., Case No. 8:23-cv-00098-CJC-KES
If you participated in the Allianz Asset Management of America 401(k) Savings and Retirement Plan (the “Plan”) at any time from December 27, 2017 to September 11, 2023, you are part of a class action settlement.
IMPORTANT
PLEASE READ THIS NOTICE CAREFULLY
THIS NOTICE RELATES TO A CLASS ACTION LAWSUIT AND, IF YOU ARE A SETTLEMENT CLASS MEMBER, CONTAINS IMPORTANT INFORMATION ABOUT YOUR RIGHTS TO OBJECT TO THE SETTLEMENT
A Federal Court authorized this notice. You are not being sued.
This is not a solicitation from a lawyer.
- A Settlement has been reached in a class action lawsuit against Allianz Asset Management of America LLC, (“Allianz”) and the Investment Committee of the Allianz Asset Management of America 401(k) Savings and Retirement Plan (“Committee”) (together, “Defendants”). The class action lawsuit involves whether Defendants violated their fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) in managing the Plan. Defendants deny all claims, and nothing in the Settlement is an admission or concession on Defendants’ part of any fault or liability whatsoever.
- You are included as a Class Member if you participated in the Plan at any time from December 27, 2017 to September 11, 2023 (the “Class Period”).
- The Settlement will provide, among other things, for the allocation of monies to Class Members. Class Members with one or more accounts with a positive balance (an “Active Account”) in the Plan between December 26, 2017 and September 11, 2023 (referred to herein as “Current Participants”) will automatically receive allocations directly to their accounts so long as they maintain a positive balance through the time Settlement monies are distributed. Current Participants who have an Active Account as of December 26, 2017, but who are determined to no longer have an Active Account at the time Settlement monies are distributed, will receive a check. Class Members who did not have an Active Account as of December 26, 2017 (referred to herein as “Former Participants”) may receive their allocation in the form of a check or a rollover. A Former Participant who does not timely submit a Former Participant Claim Form will receive their distribution via check.
- The terms and conditions of the Settlement are set forth in the Settlement Agreement dated August 18, 2023. Capitalized terms not defined in this Settlement Notice have the meanings assigned to them in the Settlement Agreement. The Settlement Agreement is available here. All papers filed in this lawsuit are also available for review via the Public Access to Court Electronic Records System (PACER), at http://www.pacer.gov, and can also be reviewed in person during regular business hours at the Office of the Clerk of the United States District Court for the Central District of California, 411 West Fourth Street, Room 1053, Santa Ana, CA 92701-4516.
- Your rights and options — and the deadlines to exercise them — are explained in this Settlement Notice.
- The Court still has to decide whether to give its final approval to the Settlement. Payments under the Settlement will be made only if the Court finally approves the Settlement and that final approval is upheld in the event of any appeal.
- A Fairness Hearing will take place on Monday, March 11, 2024, at 1:30 p.m., before the Honorable Cormac J. Carney at the Ronald Reagan Federal Building and United States Courthouse, 411 W. Fourth St., Santa Ana, CA 92701, in Courtroom 9B, to determine whether to grant final approval of the Settlement and approve the requested Attorneys’ Fees, Costs, Administrative Expenses, and Named Plaintiffs’ Compensation.
- Any objections to the Settlement, or to the requested Attorneys’ Fees, Costs, Administrative Expenses, or Named Plaintiffs’ Compensation, must be served in writing on Class Counsel and Defendants’ counsel, as identified on page 6 of this Settlement Notice.
YOUR LEGAL RIGHTS AND OPTIONS UNDER THE SETTLEMENT:
| IF YOU ARE A CURRENT PARTICIPANT, YOU DO NOT NEED TO DO ANYTHING TO RECEIEV YHOUR SHARE OF THE NET SETTLEMENT AMOUNT. | If you are a Current Participant, you do not need to do anything to receive your share of the Net Settlement Amount. If, however, you are a “Former Participant” who did not have an Active Account in the Plan as of September 11, 2023, or are the beneficiary or alternate payee of a Former Participant, then you must mail a Former Participant Claim Form postmarked on or before January 26, 2024 to receive a share of the Net Settlement Amount via rollover. If you are a Former Participant, and you do not mail the Former Participant Claim Form by the above deadline, you will receive your distribution via check. If you believe you are a Former Participant, a claim form may be obtained here. |
| IF YOU ARE A FORMER PARTICIPANT. YOU MUST MAIL A CLAIM FORM POSTMARKED ON OR BEFORE MARCH 1, 2024 TO RECEIVE A SETTLEMENT PAYMENT VIA ROLLOVER | If you are a Former Participant, you must mail a Former Participant Claim Form postmarked on or before March 1, 2024 to receive a share of the Net Settlement Amount via rollover. If you do not mail the Former Participant Claim Form by the above deadline, you will receive your distribution via check. If you believe you are a Former Participant, a claim form may be obtained here. |
| YOU CAN OBJECT (NO LATER THAN FEBRUARY 12, 2024) | If you wish to object to any part of the Settlement, or to the requested Attorneys’ Fees, Costs, Administrative Expenses, or Named Plaintiffs’ Compensation, you must write to Class Counsel and Defendants’ counsel about why you object. |
| YOU CAN ATTEND A HEARING ON MARCH 11, 2024 | You may also attend the Fairness Hearing and speak at the Fairness Hearing on March 11, 2024. You may attend the hearing and speak at the hearing without filing a notice of your intention to appear, but you will not be permitted to make an objection if you do not comply with the requirements for making objections. |
These rights and options—and the deadlines to exercise them—are explained in the Notice.
The Court in charge of this action has preliminarily approved the Settlement as fair, reasonable, and adequate, and must decide whether to give final approval to the Settlement. The relief provided to Class Members will be provided only if the Court gives final approval to the Settlement and, if there are any appeals, after the appeals are resolved in favor of the Settlement. Please be patient.
