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Failure to Replace Underperforming Assets

American Airlines Airplane

American Airlines is settling a class action with a $22,000,000 settlement fund for over 100,000 current and former members of its 401(k) plan.

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Federal law requires that most company retirement plans be managed for the sole benefits of those enrolled in the plans. But the complaint for this class action alleges that General Electric and associated entities violated the Employee Retirement Income Security Act (ERISA) with its Retirement Savings Plan by favoring underperforming GE-related funds as investments and charging excessive management fees for GE’s profit.