The Court caused the Notice to be sent to you because our records indicate that you may be a Settlement Class Member. If you fall within the definition of the Settlement Class, you have a right to know about the Settlement and about all of the options available to you before the Court decides whether to give its final approval to the Settlement. If the Court approves the Settlement, and after any objections and appeals are resolved, the Net Settlement Amount will be allocated among Settlement Class Members according to a Court-approved Plan of Allocation.
In the Class Action, the Class Representative claims that Defendant ESOP Committee of the Aluminum Precision Products, Inc. Employee Stock Ownership Plan improperly managed the investment of the Plan’s other investments account. Defendant denies all claims and asserts that it has always acted prudently and in the best interests of participants and beneficiaries.
The Court has not reached a final decision as to the Class Representative’s claims. Instead, the Class Representative and Defendant have agreed to the Settlement. The Settlement is the product of extensive negotiations between the Class Representative, Defendant, and their counsel. The parties to the Settlement have taken into account the uncertainty, risks, and costs of litigation and have concluded that it is desirable to settle on the terms and conditions set forth in the Settlement Agreement. The Class Representative and Class Counsel believe that the Settlement is best for the Settlement Class. Nothing in the Settlement Agreement is an admission or concession on Defendant’s part of any fault or liability whatsoever. They have entered into the Settlement Agreement to avoid the uncertainty, expense, and burden of additional litigation.
The Court has not reached a final decision as to the Class Representative’s claims. Instead, the Class Representative and Defendant have agreed to the Settlement. The Settlement is the product of extensive negotiations between the Class Representative, Defendant, and their counsel. The parties to the Settlement have taken into account the uncertainty, risks, and costs of litigation and have concluded that it is desirable to settle on the terms and conditions set forth in the Settlement Agreement. The Class Representative and Class Counsel believe that the Settlement is best for the Settlement Class. Nothing in the Settlement Agreement is an admission or concession on Defendant’s part of any fault or liability whatsoever. They have entered into the Settlement Agreement to avoid the uncertainty, expense, and burden of additional litigation.
All Settlement Class Members and anyone claiming through them will fully release the Plan as well as Defendant and the Released Parties from certain Released Claims, as defined in the Settlement Agreement. The Released Parties include Defendant and certain other affiliated persons and parties as outlined in the Settlement Agreement. The Released Claims include any claims against any of the Released Parties with respect to the Plan that were asserted in the Action against Defendant or could have been asserted against Defendant.
This is only a summary of the Released Claims and is not a binding description. The governing releases are found within Paragraph 1.34 of the Settlement Agreement, which is available at www.appesopsettlement.com.
The amount, if any, that will be allocated to you will be calculated by the Settlement Administrator, whose determinations will be final and binding, pursuant to the Court-approved Plan of Allocation.
To receive a distribution from the Net Settlement Amount, you must be a “Settlement Class Member” as described on page 1 of the Notice.
There are approximately 1,000 Settlement Class Members according to preliminary review of Plan records. Pursuant to the proposed Plan of Allocation, the Net Settlement Amount will be divided pro rata among Settlement Class Members. Each Settlement Class Member will have the opportunity to receive a share of the Net Settlement Amount (defined in the Settlement Agreement as their “Settlement Credit Amount”) based on their average balance in the Plan’s other investments account relative to all Settlement Class Members’ average balances in the Plan’s other investments account.
A more complete description regarding the details of the Plan of Allocation can be found in Article 5 of the Settlement Agreement, which is available at www.appesopsettlement.com.
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 do not have an account in the Plan at the time that distributions are made, you will receive your settlement distribution in the form of a check or rollover, if elected.
If you are not a Current Participant, you can receive your share of the Net Settlement Amount via a rollover to an individual retirement account or other tax-qualified retirement account. To do so, you must submit a Rollover Form. A Rollover Form is enclosed with the Notice you may have received in the mail and explains the steps necessary to receive your share of the Settlement via direct rollover to an individual retirement account or qualified employee benefit plan. You may also obtain the Rollover Form on the Settlement Website at www.appesopsettlement.com or by calling the Settlement Administrator at 1-800-485-9315. Rollover Forms should be submitted prior to the date set forth above for the Final Fairness Hearing. Settlement payments distributed via direct rollover will not be subject to automatic withholdings. Further information regarding rollovers can be found at the end of the notice on page 10.
Alternatively, you can receive payment by check. You do not need to do anything to receive a check. However, because checks will be sent by mail, it is important to notify the Settlement Administrator (1-800-485-9315 or via the contact form at www.appesopsettlement.com) of any changes to your mailing address. You may also notify Class Counsel (identified in Item 11, below) of any changes to your mailing address.
Payments made directly to Settlement Class Members by check are subject to automatic tax withholding and tax reporting, as required by law and the Settlement Agreement. Any tax withheld by the Settlement Administrator may not constitute all tax that you may owe in connection with your settlement payment. You will be responsible for determining and paying any tax that is due but was not automatically withheld in connection with your settlement payment.
If you submit a Rollover Form but your requested rollover is not effectuated for any reason (for example, because your Rollover Form was submitted too late, the information that you provided was not sufficient, or the financial institution that you designated did not accept the rollover), the Settlement Administrator will attempt to mail you a check. Such checks will be subject to automatic tax withholding and reporting, as determined by the Settlement Administrator, and all other terms of the Settlement Agreement that apply to payments by check.
The timing of the distribution of the Net Settlement Amount is conditioned on several matters, including the Court’s final approval of the Settlement and any approval becoming final and no longer subject to any appeals in any court. An appeal of the final approval order may take several years. If the Settlement is approved by the Court and there are no appeals, the Settlement distribution likely will occur within approximately four months of the Court’s Final Approval Order, unless there are unforeseen circumstances. There will be no payments under the Settlement if the Settlement Agreement is terminated.
No. The Class has been certified for Settlement purposes under Federal Rule of Civil Procedure 23(b)(1). Therefore, as a Settlement Class Member, you are bound by the Settlement (if it receives final Court approval) and any judgments or orders that are entered in the Action. If you wish to object to any part of the Settlement, you may file an objection with the Clerk of the Court and write to Class Counsel and Defense Counsel about why you object to the Settlement, as discussed below.
The Court has appointed as Class Counsel the law firms of Engstrom Lee LLC in Minneapolis, Minnesota, and Skiermont Derby LLP in Los Angeles, California. If you want to be represented by your own lawyer, you may hire one at your own expense.
Class Counsel will file a motion for an award of Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Compensation prior to the objection deadline. This motion will be considered at the Final Fairness Hearing. Class Counsel will limit their application for Attorneys’ Fees to not more than one-third of the Gross Settlement Amount. In addition, Class Counsel will seek to recover all actual and anticipated litigation costs and administrative expenses associated with the Settlement. The Court will determine the amount of fees, costs, and administrative expenses that will be awarded, if any. All papers filed in this Action, including Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Compensation will be available for review on the Settlement Website (www.appesopsettlement.com) and via the Public Access to Court Electronic Records System (PACER), available online at http://www.pacer.gov.
If you are a Settlement Class Member, you can object to the Settlement by mailing to Class Counsel and to Defense Counsel at the addresses below a written objection explaining why you object and enclosing any supporting documents. Your written objection must (1) clearly identify the case name and number: Moran v. ESOP Committee of the Aluminum Precision Products, Inc. Employee Stock Ownership Plan,Case No. 8:24-cv-00642-MWF-ADS (C.D. Cal.); (2) include your full name, current address, and telephone number; (3) describe the position you wish to assert, including the factual and legal grounds for the position; (4) provide copies of all documents that you wish to submit in support of your position; (5) provide the name(s), address(es) and phone number(s) of any attorney(s) representing you; and (6) include your signature. Your written objection and supporting documents must be mailed to Class Counsel and Defense counsel and postmarked no later than August 26, 2026 to be considered.Class Counsel and Defendant’s counsel will have an opportunity to respond to your objection. You also must file your objection with the Court by mailing or hand delivering it to the Clerk’s Office of the United States District Court for the Central District of California, 350 W First Street, Los Angeles, CA 90012. You can also find information about electronic filing on the Court’s website, https://www.cacd.uscourts.gov/case-info/cm-ecf-case-info.
| CLASS COUNSEL | DEFENSE COUNSEL |
| Mark E. Thomson Jennifer K. Lee ENGSTROM LEE LLC 323 N. Washington Ave., Ste. 200 Minneapolis, MN 55401 | Julian L. André McDERMOTT WILL & SCHULTE LLP 2049 Century Park East, Suite 3200 Los Angeles, CA 90067 Theodore M. Becker McDERMOTT WILL & SCHULTE LLP 444 West Lake Street Chicago, IL 60606 Benjamin Lewson McDERMOTT WILL & SCHULTE LLP 919 Third Avenue New York, NY 10022 |
The Court will hold a Final Fairness Hearing at 10:00 a.m. on September 16, 2026, at the United States District Court for the Central District of California, 350 W First Street, Los Angeles, CA 90012, in Courtroom 5A (Fifth Floor). At the Final Fairness Hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. The Court also will consider the motion for Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Compensation. If there are objections, the Court will consider them then. You do not have to appear at the Final Fairness Hearing in order to have your objection considered by the Court. Please note that if the Final Fairness Hearing is rescheduled, or if it is held by video conference or telephone, a notice will be posted on the Settlement Website at www.appesopsettlement.com.
No, but you are welcome to come at your own expense. You may also make an appearance through an attorney at your own expense. If you send an objection, you do not have to come to the Court to talk about it. As long as you filed and mailed your written objection on time, the Court will consider it.
Yes. If you wish to attend and speak at the Final Fairness Hearing, you must file with the Clerk of the Court and mail to Class Counsel and Defense Counsel (as identified in Item 11 above) a notice of intent to appear postmarked at least 14 calendar days before the Final Fairness Hearing. In order to speak at the Final Fairness Hearing, you must also comply with the requirements for making an objection (described above in Item 11, above) if you wish to object to the Settlement.
If you are a “Current Participant” as described on page 1 and you do nothing, you will receive your pro rata share of the Net Settlement Amount deposited into your individual account in the Plan if the Settlement is finally approved.
If you are not a Current Participant and you do nothing, you will receive your pro rata share of the Net Settlement Amount via check if you do not submit a Rollover Form and the Settlement is finally approved.
If you have questions regarding the Settlement, you can visit www.appesopsettlement.com, call 1-800-485-9315 , or write to the Settlement Administrator at Atticus Administration, PO Box 64053, Saint Paul, MN 55164. 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 be reviewed in person during regular business hours at the Clerk’s Office of the United States District Court for the Central District of California, 350 W First Street, Los Angeles, CA 90012. Please note that neither APP nor any employees, attorneys, or representatives of APP may advise you regarding the Settlement or how you should proceed.
YOUR ROLLOVER OPTIONS
The Settlement Administrator has determined that the payment you are receiving from the Qualified Settlement Fund (“Fund”) is eligible to be rolled over to an IRA or an employee benefit plan. This Q&A is intended to help you decide whether to do such a rollover. The notice describes the rollover rules that apply to payments from the Fund.
GENERAL INFORMATION ABOUT ROLLOVERS
How can a rollover affect my taxes? You will be taxed on a payment from the Fund if you do not roll it over. If you are under age 59½ and do not do a rollover, you will also have to pay a 10% additional income tax on early distributions (generally, distributions made before age 59½), unless an exception applies. However, if you do a rollover, you will not have to pay tax until you receive payments later and the 10% additional income tax will not apply if those payments are made after you are age 59½ (or if an exception to the 10% additional income tax applies).
What types of retirement accounts and plans may accept my rollover? You may roll over the payment to either an IRA (an individual retirement account or individual retirement annuity) or an employee benefit plan (a 401(k), section 403(b) plan, or governmental section 457(b) plan) that will accept the rollover. The rules of the IRA or employee benefit plan that holds the rollover will determine your investment options, fees, and rights to payment from the IRA or employer plan (for example, IRAs are not subject to spousal consent rules, and IRAs may not provide loans). Further, the amount rolled over will become subject to the tax rules that apply to the IRA or employer plan.
How do I do a rollover? There are two ways to do a rollover. You can do either a direct rollover or a 60-day rollover.
If you do a direct rollover, the Fund will make the payment directly to your IRA or an employee benefit plan. You should contact the IRA sponsor or the administrator of the employee benefit plan for information on how to do a direct rollover. The information they give you can then be used to complete the settlement administration form. You generally need to have an account opened (even if it’s not funded) for an institution to process your rollover.
If you do not do a direct rollover, you may still do a rollover by making a deposit into an IRA or eligible employee benefit plan that will accept it. Generally, you will have 60 days after you receive the payment to make the deposit. If you do not do a direct rollover, the Fund is required to withhold 20% of the payment for federal income taxes (up to the amount of cash and property received other than employer stock). This means that, in order to roll over the entire payment in a 60-day rollover, you must use other funds to make up for the 20% withheld. If you do not roll over the entire amount of the payment, the portion not rolled over will be taxed and will be subject to the 10% additional income tax on early distributions if you are under age 59½ (unless an exception applies).