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1. Why did I receive a Notice of the proposed settlement? You received the Notice because our records indicate that you are a member of a Class that is included in the proposed settlement of a lawsuit. 2. How do I know if I am a member of the Class? All members of the class are listed on a schedule that is part of the final judgment approved by the court. That schedule cannot be accessed directly, because it contains private information about all class members. However, if you received a Notice in the mail, you are on the schedule. If you heard about the settlement in some other way, you may contact (877) 465-4819 to determine whether you are a member of the class. 3. My husband/wife/other relationship was entitled to pension benefits from Fleet. Am I entitled to participate in the settlement? If that person is on the class list and you are a beneficiary entitled to the benefits owed that person, then you may participate in the settlement should it become effective. 4. Why aren’t former employees of banks acquired by Fleet or Bank of America other than Shawmut and NatWest members of the Class? The events that gave rise to this lawsuit did not affect those employees. 5. What is a class action lawsuit? A class action is a legal proceeding where one or more people act as the representatives of a group of people. Here, Donna Richards is representing herself and all of the members in the Class. The Court resolves the claims of all Class members in one proceeding. On January 1, 1997, the pension plan covering employees of Fleet Financial Group, Inc., including at the time former employees of Shawmut National Corporation and National Westminster Bank, which were each acquired by Fleet, was converted to a cash balance formula for participants who were not at that time at least 50 years old with at least 15 years of service. The Plaintiff claims that the cash balance design violated the federal law governing pensions and that the communications that the Bank provided to employees regarding the cash balance formula and the conversion were not adequate. The Bank denies the Plaintiff’s allegations. 7. Does the Fleet Pension Plan’s cash balance benefit formula discriminate against participants based on age or violate the law? That was a claim in the lawsuit, but the Bank believes that the Fleet Pension Plan’s cash balance benefit formula does not discriminate based upon age and that the Plan has complied with and continues to comply with all applicable laws. By settling the case, the Bank is not admitting any wrongdoing. 8. Why did the Bank agree to settle? Defendants deny any liability to the Class. They favor the settlement, however, because it puts the matter to rest for the company and the participants in its pension plan. 9. Why did the plaintiff agree to settle? The plaintiff and her counsel believe her claims have merit. They favor the settlement because it provides immediate and certain benefits to every member of the Class. No, you are not being sued. You may be part of a Class that is suing FleetBoston and Bank of America. 11. I did not agree to let anyone sue on my behalf. Why has this happened? The law allows one or more people, under certain circumstances, to bring a claim on behalf of a group. That happened here. 12. Can I exclude myself from the Class? No. 13. What will I receive in the settlement? You will receive a settlement amount which may be in the form of cash or a credit to your cash balance account or a new cash balance account created for you. You may be entitled to additional benefits if you meet the Rule of 85 criteria in the settlement. You can learn more about your settlement amount and information about the Rule of 85 benefits, if applicable to you, through this website if you have the identification number provided on the claim form mailed to you. The identification number is the last five digits of the number above your name and address in the Notice. 14. How was the amount I will receive in the settlement calculated? A description of the settlement calculations is contained in the Notice of Proposed Settlement. If you did not receive the Notice of Proposed Settlement in the mail, you may review a copy of the Notice at this website. The amount that you actually will receive will depend upon a variety of factors, such as your age, years of service and salary. The minimum amount is $199.99. 15. Why doesn’t everybody get the same settlement benefits? The settlement agreement provides different amounts to Class members depending on factors such as a Class member’s age, years of service and salary. The settlement calculations are described in the Notice of Proposed Settlement. If you did not receive a Notice of Proposed Settlement in the mail, you may review a copy of the Notice at this website. 16. How will the settlement payment be distributed? Will I get cash? The method of distribution depends upon the amount to which you are entitled and whether you already have commenced receiving your benefits. If you have not commenced receiving pension benefits, you will receive your settlement amount as a credit to your Cash Balance Account. If you have taken a distribution of pension benefits, and you are entitled to a settlement payment of $200.00 or more, the settlement amount will be credited to a New Cash Balance Account created for you. It will be governed by the same Plan terms as other accounts. If you have taken a distribution of pension benefits and your settlement amount is $199.99, you will, if permitted by law, receive a check. If this is not permissible, a New Cash Balance Account will be created for you. Finally, certain Rule of 85 benefits can be taken only as an annuity. 17. What is the court approval referred to in the Notice? Was the settlement approved? Because the case is a class action, the court was required to approve the settlement before it became final. The Court held a hearing on October 15, 2008 to consider any objections to the settlement and to decide whether to give final approval of the settlement. In order to approve the settlement, the Court had to determine that the settlement was fair to the class. At the end of the hearing, the Court concluded that the Settlement was fair and gave its final approval to the Settlement. The court also approved Class Counsel’s request for attorney’s fees, and approved the class representative’s request for an incentive award. The parties have agreed that the “Effective Date” for the settlement is October 14, 2009, the date upon which the IRS approved the plan amendment implementing the terms of the settlement. This means that the defendants will now begin the process of distributing and/or crediting the settlement amounts provided for by the settlement agreement. Class members will receive either a cash payment or a credit to their existing cash balance account or to a new cash balance account created for them. Payments or credits will be made as soon as administratively practicable after the October 14, 2009 Effective Date, generally within sixty [60] days. Class Members who are receiving credits to cash balance accounts will be mailed additional information about their accounts and any applicable benefit election options before the credits are made. 19. I do not believe that you have accurately calculated the amount I should receive in the settlement. Is it too late for me to challenge my settlement amount? When the Court approved the settlement, it approved the settlement amounts as submitted in connection with the final approval hearing. This means that a participant’s settlement amount is fixed as of October 22, 2008 – the date on which the Court’s order was entered – and is not subject to change. If you have questions regarding how your settlement amount was calculated, you should contact Thomas Moukawsher at (860) 445-1809 or at Moukawsher & Walsh LLC, 21 Oak Street, Suite 219, Hartford, CT 06106, who represents the Class. 20. Is it too late for me to object to or comment upon the settlement terms? Yes. The period for objections closed on August 1, 2008. Class members are no longer able to file any objections to, or make any comments on, the terms of the settlement. 21. Is it too late for me to object to the payment of the attorney’s fees or incentive award? Yes. The period for objections closed on August 1, 2008. Class members are no longer able to file any objections to the amount of attorneys’ fees or incentive award. 22. Who is paying the attorney for the Class and how much will he be paid? Under the terms of the settlement, the attorney’s fees and expenses of the counsel for the Class will be paid by the Plan as an administrative expense. The court approved Class Counsel’s request for payment of $17,250,000 in fees and $325,000 in expenses. The payment of attorneys’ fees and expenses will not decrease the amount of the settlement payments made to the Class. 23. Is the plaintiff receiving anything more than the rest of the Class? As a Class member, the plaintiff will receive an amount in the settlement based upon the same settlement agreement that applies to the rest of the class. In addition, because the plaintiff represented the Class throughout the litigation, the Plan will pay an incentive award to the plaintiff, in the amount of $15,000. This payment was approved by the Court during the October 15, 2008 hearing. 24. Will I release any claims if the settlement agreement becomes effective? All Class members have released Defendants and all companies and persons related to them from all of the claims in the lawsuit and any other claims about the 1997 Cash Balance Amendment that could have been brought. The lawsuit will also be dismissed with prejudice. 25. Where can I get additional information about the settlement? You can get a full copy of the settlement agreement at this website. You can also contact counsel for the Class at: Thomas G. Moukawsher 26. I would like to speak to the attorney for the Class. How do I contact him? Thomas G. Moukawsher |
