The Court issued an Order on January 3, 2017 approving the Settlement as fair, reasonable and adequate and directing that the Net Settlement Fund be distributed in accordance with the Plan of Allocation. The Settlement Administrator will now move forward with calculating the amount of the Settlement proceeds owed to each Settlement Class Member. Once the calculations are completed, payments will be issued to Settlement Class Members accordingly. If you are a Settlement Class member with an active Plan account, the payment will be made directly to your Plan account in accordance with investment elections currently in effect or, if no such elections have been made, into the Plan’s qualified default investment alternative. If you are a Settlement Class member without an active Plan account, the payment will be made to you by the Settlement Administrator.
This website will be updated when the calculations have been completed and a definitive distribution date has been determined.
The information contained on this website is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action, Certification of Class for Settlement Purposes, and Settlement; (II) Fairness Hearing; and (III) Motion for an Award of a Case Contribution Award and Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”). You may download a full copy of the Notice by clicking here or you may call the Avon ERISA Settlement Help Line at 1-877-234-6578 to request a copy of the Notice by mail.
A Settlement Agreement has been reached in a class action lawsuit alleging that Defendants breached fiduciary duties under the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001, et seq. (“ERISA”), owed to the participants in and beneficiaries of the Avon Personal Savings Account Plan (the “Plan”) arising from the Plan’s investments in the Avon Stock Fund, consisting primarily of Avon common stock, during the Class Period (defined in the following paragraph).
The Settlement Class includes all persons who were participants in or beneficiaries of the Plan at any time from July 31, 2006, through February 29, 2016 (the “Class Period”), and whose Plan accounts included investments in the Avon Stock Fund.
If you are a Settlement Class member, you may qualify for a cash payment from the $6,250,000 cash Settlement Fund.
Your legal rights are affected whether you act or do not act. Please read the complete Notice carefully.
YOUR LEGAL RIGHTS AND OPTIONS UNDER THE SETTLEMENT
YOU ARE NOT REQUIRED TO DO ANYTHING.
If the Settlement is approved by the Court and you are a member of the Settlement Class, you do not need to do anything to receive a payment (if you are entitled to a payment under the Plan of Allocation). The portion, if any, of the Net Settlement Fund to be allocated to your Plan account, or be paid to you, depending on whether you have an active Plan account, will be calculated as part of the implementation of the Settlement.
NO ACTION IS NECESSARY TO RECEIVE A PAYMENT.
If you are a Settlement Class member and you currently have an active Plan account, any share of the Net Settlement Fund to which you are entitled will be deposited into your Plan account in accordance with investment elections currently in effect, or, if no such elections have been made, into the Plan’s qualified default investment alternative. If you no longer have an active Plan account, but are a Settlement Class member, any share of the Net Settlement Fund to which you are entitled will be paid to you.
YOU MAY OBJECT TO THE SETTLEMENT BY
September 22, 2016.
If you wish to object to any part of the Settlement, you may (as discussed below) write to the Court and counsel identified on Page 7 of the Notice about why you object to the Settlement.
YOU MAY ATTEND THE FAIRNESS HEARING TO BE HELD ON
October 11, 2016.
If you submit a timely written objection to the Settlement to the Court and counsel, you may (but do not have to) attend the Fairness Hearing about the Settlement and present your objections to the Court. You may attend the Fairness Hearing even if you do not file a written objection, but you will be allowed to speak at the Fairness Hearing only if you file a written objection in advance of the Fairness Hearing and file a Notice of Intention to Appear.
- These rights and options – and the deadlines to exercise them – are explained more fully in the Notice.
- The Court still has to decide whether to approve the Settlement. Payments will be made only if the Court approves the Settlement and that approval is upheld in the event of any appeal. Please be patient.