PRELIMINARY APPROVAL OF $26.85 MILLION SETTLEMENT IN AMERICAN FEDERATION OF MUSICIANS PENSION PLAN CASE

On May 18, 2020, the United States District Court for the Southern District of New York granted preliminary approval to a class action settlement in connection with litigation brought by AFM-EPF Plan Participants against certain Trustees of the Plan.  The Amended Complaint alleges that the Trustees breached their fiduciary duties by investing an excessive percentage of plan assets in high-risk asset classes such as emerging markets equities and private equity.  The proposed settlement requires the Trustees’ insurers to pay $26.85 million and also requires the Trustees to implement Governance Provisions.  In June 2020, the AFM-EPF Plan will send formal notice of the proposed settlement to Plan Participants and establish an official settlement website at www.afm-epfsettlement.com that will include links to relevant documents.  A copy of the court-approved notice, which describes the settlement more fully, can be accessed below.