In late August of 2024, the AME Church and a group of Plaintiffs (who represent a putative class of Plan participants) announced a contingent settlement in the class action lawsuit concerning the misappropriation of retirement funds from the AME Church Retirement Plan. The Council of Bishops, on behalf of the AME Church, is pleased to announce that a formal Settlement Agreement has been executed and was submitted to the Court for its approval on December 13, 2024.  This submission represents an additional step toward the restoration of funds to participants of the Retirement Plan whose accounts were impacted by mismanagement from those third-party professionals who were entrusted with the Plan’s safekeeping.  Although the settlement, if approved, is limited to a resolution of claims between the AME Church and Plaintiffs, the AME Church and others have continued a vigorous pursuit of recovery from all remaining individual and corporate defendants, including Newport Group, Inc. and Symetra Life Insurance Company, the corporate entities on whom the AME Church detrimentally relied; as well as Dr. Jerome Harris (through his estate); Robert Eaton; Rodney Brown & Company; Motorskill Ventures, Inc. (and related companies); Financial Technologies, LLC; Financial Freedom Group, Inc.; Day and Night Solar, LLC; and Trinity Financial Consultants.

While the path leading to this point has been challenging, the AME Church recognizes this next step as necessary for Plan participants who face financial insecurity due to these devastating events. The AME Church believes the formal Settlement Agreement, which was executed by representatives of the AME Council of Bishops, the AME General Board, and the General Counsel for the AME Church, is the best way to enable some immediate, albeit partial, relief to Plan participants as quickly and efficiently as possible.  This initial settlement seeks to provide some immediate financial relief to the suffering of the AME Church’s participating clergy and staff but only represents partial recovery and is not intended to be the end of the AME Church’s march toward full restoration.

The Council of Bishops and Executive Committee of the General Board of the AME Church, each governing bodies within the AME Church, have now taken formal action in full support of the final Settlement Agreement.  In November 2024, the Council of Bishops and the Executive Committee of the AME General Board undertook proactive action by directing payment by the AME Church of an initial deposit to the Settlement Trust, for the sole benefit of the Plan participants, contingent on court approval.   $10MM was deposited to the Settlement Trust on December 2, 2024.  As provided in the Settlement Agreement the AME Church has agreed to an additional installment in the coming months.

If the Court provides preliminary approval of the settlement, Plan participants will receive information from a settlement administrator in the coming days.  More details regarding the settlement and distribution process will follow.  Your continued patience is much appreciated. 

While this action represents a critical next step, the AME Church remains dedicated to the pursuit of all avenues and lawful claims to continue the recovery of justice and financial restitution for its members.  

Council of Bishops of the AME Church
Bishop Silvester S. Beaman, President
Bishop Wilfred J. Messiah, Senior Bishop
Bishop James L. Davis, President of the General Board