American Airlines Equity Lawsuit Update
New 6/22/16: First Quarter Transport Workers Union of America Reserve Fund
TWU's in-house counsel has informed us the 5th Disputed Claims Reserve (DCR) distribution took place on Tuesday, March 8, 2016. A total of 4,189 shares were deposited in the TWU's Trust, bringing the TWU's Trust share balance to 34,299 shares. As additional information is received, it will be forwarded accordingly. Download this communication
2/25/16: We continue to receive questions concerning the American Airlines equity lawsuit. The latest update is below:
The appeal by plaintiffs in the Demetrius lawsuit is still pending: the U.S. District Court ordered the dismissal of this case, in which plaintiffs challenge TWU’s Equity Distribution Plan; and plaintiffs have appealed the Court’s order to the Ninth Circuit Court of Appeals. The case has not yet been scheduled for argument, nor have judges been assigned to the case.
TWU will communicate with you as soon as there is any further development in the appeal. Please be sure to download the TWU App and sign up for notifications to get the latest updates on this and all things TWU-related.
Appeals: To appeal your number of shares, download and mail in the appeal form.
News Updates: Get the latest AA/AE equity distribution developments.
Equity Distribution Plan Documents: Take a look at TWU's detailed breakdowns of the equity distribution process.
Live Q&A: Read the responses to questions other members have posted, and submit your own!
CALCULATING YOUR NUMBER OF SHARES
The total number of shares each eligible employee will receive in the equity distribution process is based on a set of factors that is unique to each individual, including their particular tax situation. It is impossible to set out a formula that will definitively determine how many shares a member will receive until April 8, 2014. After that date, TWU will issue a complete explanation of how shares were distributed, which will be posted here. All members eligible for equity distribution have the right to appeal their number of shares to the TWU Equity Distribution Appeals Committee. All appeals must be submitted before May 9, 2014. Download the appeal form for American Airlines employees
. Download the appeal form for American Eagle employees
. The TWU Equity Distribution Appeals Committee will make every effort to resolve all appeals by July 1, 2014.
TRANSPARENCY AND ACCOUNTABILITY
We have done—and will continue to do—everything in our power to get you, our members, the information you need in order to be informed, empowered, and feel confident in the equity distribution process. Means of communication to date: three mailings to your homes; six blast e-mail notifications; nine on-site presentations for members in Boston, Chicago, Dallas, Los Angeles, Miami, New York, San Francisco, St. Louis, and Tulsa; all forms, fact sheets, and notices posted online.
[APPEALS PROCESS PALM CARDS]
[EQUITY FACTS FLYER]
If a member has any questions or concerns about his or her equity shares, the first stop in getting the information you need is your local. From the start of the process, AA and AE TWU Locals have taken the lead on equity distribution matters. The AA equity distribution process was developed and voted on by the TWU AA Equity Distribution Committee, composed of officers from Locals 502, 512, 513, 514, 541, 542, 567, 568, and 591. These decisions were also voted on and approved by the TWU AA Presidents Council. The AE distribution process was voted on and approved by the AE Presidents Council, which is composed of officers from Locals 541, 542, 570, 571, 572, 574, 575, and 576. Get involved
in TWU’s Q&A discussion on AA/AE equity distribution.