AMPAM Parks Mechanical ESOP Settlement, Check If You Qualify Ramirez, et al. v. AMPAM Parks Mechanical, Inc., et al., No. 5:24-cv-01038-KK-DTB

There’s a share of $13.75 million waiting for you — automatically — if you held vested AMPAM stock in the company’s ESOP on or after August 6, 2023. AMPAM Parks Mechanical agreed to pay $13.75 million to settle claims that its Employee Stock Ownership Plan was mishandled in a stock transaction. You don’t have to file anything to get paid, but you have until November 12, 2026 to object or choose a retirement rollover instead of a mailed check.

AMPAM Parks Mechanical ESOP Settlement — Key Facts

Field	Detail
Settlement Amount	$13,750,000
Action Needed	None to get paid — payment is automatic. Submit a Rollover Form or an objection by November 12, 2026 if you want either
Who Qualifies	All AMPAM ESOP participants vested on or after August 6, 2023 (or who vest later), and their beneficiaries
Estimated Payout	A pro rata share of the fund based on vested AMPAM shares, after fees, expenses, and awards are deducted — UNVERIFIED per-person amount, since the Plan of Allocation formula isn’t published on the public site
Proof Required	No — payment is calculated from the ESOP’s own share records
Settlement Status	Preliminarily approved — awaiting the Fairness Hearing
Court & Case Number	U.S. District Court for the Central District of California, No. 5:24-cv-01038-KK-DTB
Law Alleged	Employee Retirement Income Security Act (ERISA) — breach of fiduciary duty
Administrator	Atticus Administration
Official Claim Site	ampamsettlement.com
Last Updated	September 15, 2026

Who Is AMPAM Parks Mechanical and Why Is It Being Sued Over Its ESOP?

AMPAM Parks Mechanical, Inc. is a plumbing and mechanical contracting company whose workers hold retirement savings through a company-sponsored Employee Stock Ownership Plan — a structure where employee savings ride on the value of company stock rather than an outside investment fund. The lawsuit names AMPAM itself, several individual executives and board members, CHARKAT LLC, and two family trusts as defendants, alongside ESOP trustee Neil Brozen. It centers on a single claim that survived to settlement: that the ESOP paid too much for AMPAM stock in a 2019 transaction.

What Did AMPAM Parks Mechanical Do to ESOP Participants?

The case, filed May 16, 2024, and certified as a class action on March 18, 2025, originally alleged two separate ERISA violations: that the ESOP overpaid for AMPAM stock in 2019, and that it later sold AMPAM stock for too little in 2023. But the settlement agreement’s own recitals show the case narrowed considerably before it settled. In June 2026, plaintiffs told the defendants they’d drop all claims against Ventura Trust Company, drop prohibited-transaction claims under 29 U.S.C. § 1106 against the AMPAM defendants, and drop any claim that the 2023 sale itself was improper. That left the 2019 overpayment claim as the live issue — and just days after defendants moved for summary judgment on what remained, the parties reached a settlement in mediation.

Defendants deny wrongdoing throughout and maintain both the 2019 purchase and 2023 sale reflected fair market value.

For comparison, other retirement-plan ERISA cases have followed a similar arc — allegations, narrowing through discovery, then settlement. Northwell Health’s $2.75 million ERISA settlement covered comparable fiduciary-duty claims over a 403(b) plan.

Nobody admitted fault, and the claims that made it to settlement day were narrower than what the case started with in 2024 — worth knowing before you decide whether $13.75 million sounds like a lot or a little for what’s actually being resolved.

Who Qualifies for the AMPAM Parks Mechanical ESOP Settlement?

Here’s exactly how to know if this settlement includes you.

• Anyone who was a vested participant in the AMPAM ESOP on or after August 6, 2023
• Anyone who vests in the plan at any point after that date
• Beneficiaries of a participant who meets either of the above

You do NOT qualify if:

• You’re one of the named Defendants or their immediate family
• You’re a fiduciary of the Plan
• You’re an officer or director of AMPAM, or of an entity a Defendant controls
• You’re a legal representative, successor, or assign of anyone excluded above

AMPAM ESOP Participants Outside California — Are You Still Covered?

This is a federal ERISA case, not a state consumer-protection case, so coverage isn’t tied to where you live. It’s tied to whether ESOP records show you held vested stock on or after August 6, 2023 — no matter where you live now.

This is a mandatory, non-opt-out class action. If the records show you’re in, you’re in, whether you file anything or not.

Not sure if you qualify for the AMPAM Parks Mechanical ESOP settlement? A free consultation with an ERISA attorney can help you weigh your rollover options before November 12, 2026.

How Much Can AMPAM Parks Mechanical ESOP Settlement Class Members Get?

The $13,750,000 fund pays court-approved attorneys’ fees and expenses, service awards, and administration costs first. Class Counsel’s fee request is capped at 33% of the fund — up to $4,537,500 — plus litigation expenses of up to $600,000. Alfredo Ramirez and Ramon Santos Castro, the two Class Representatives, are each seeking a $25,000 service award. Whatever’s left is split among class members based on their pro rata share of vested AMPAM shares.

A bigger vested share balance means a bigger slice of what’s left — that’s what pro rata means here.

How You’ll Get Paid

Unless you choose otherwise, your share arrives as a check mailed to whatever address the Settlement Administrator has on file for you. If you’d rather roll your payment into a qualified retirement account, submit the Rollover Form online at ampamsettlement.com or by mail, postmarked by November 12, 2026.

What “Independent Fiduciary Review” Means for Your Payout

This settlement can’t close on the court’s approval alone. A neutral, ERISA-specialist Independent Fiduciary has to separately determine that it satisfies Prohibited Transaction Exemption 2003-39, and must deliver that written determination at least 35 days before the Fairness Hearing. If the Independent Fiduciary won’t sign off, the parties have to go back and adjust the deal.

The settlement agreement also lays out the funding schedule: $50,000 goes into the escrow account within 30 days of preliminary approval, with the remaining $13,700,000 following within 30 days of final approval.

Payments over $600 may appear on a 1099 — consult a tax professional about your specific payment.

Class Counsel’s fee cap works out to $4,537,500 of the $13.75 million. That’s a normal cut for a case litigated since May 2024 with no fees paid along the way — but it’s still worth knowing before you decide whether to object.

What Do You Need to Do to Get Your AMPAM Parks Mechanical Settlement Payment?

1. Nothing, if a mailed check is fine with you. Payment is automatic once the Court grants final approval — there’s no claim form.
2. Update your address with Atticus Administration if you’ve moved. Your check goes wherever they have on file.
3. Submit a Rollover Form if you’d rather put your payment into a qualified retirement account, online or by mail, postmarked by November 12, 2026.
4. Check the fee-motion filings, due to post at ampamsettlement.com by October 29, 2026, if you want the exact numbers before deciding whether to object.
5. Submit a written objection by November 12, 2026 if you disagree with any part of the settlement or the requested fees.
6. Attend or skip the Fairness Hearing on December 3, 2026, at 10:30 a.m. Pacific — optional either way.

Have you moved since 2023? If Atticus Administration doesn’t have your current address on file, your check has nowhere to go — update it now, before final approval.

Can AMPAM Parks Mechanical Class Members Opt Out or Object Before November 12, 2026?

Why You Can’t Opt Out of This Settlement

This is a mandatory, non-opt-out class action. If the Court approves it, every class member is bound by its terms and receives whatever it provides — there’s no option to exclude yourself and sue separately.

How to Object to the AMPAM Parks Mechanical Settlement

You can still tell the court what you don’t like, in writing, by November 12, 2026. Your objection needs the case name and number, your contact information (and your lawyer’s, if you have one), your specific objections and why, whether you’ll attend the Fairness Hearing, whether it applies to just you or the whole class, and copies of any supporting documents. Mail it to AMPAM ESOP Settlement, c/o Atticus Administration, PO Box 64053, Saint Paul, MN 55164, or email the Settlement Administrator, and file a copy with the court.

Talk to an ERISA attorney before November 12, 2026 if you’re considering objecting.

AMPAM Parks Mechanical ESOP Settlement — Key Dates, 2026

Milestone	Date
Lawsuit Filed	May 16, 2024
Class Certified	March 18, 2025
Second Amended (Operative) Complaint Filed	July 9, 2025
Parties Reach Settlement in Mediation	June 23, 2026
Class Counsel Fee Motion Filing Deadline	October 22, 2026
Fee Motion Documents Posted Publicly	By October 29, 2026
Rollover Form Deadline	November 12, 2026
Objection Deadline	November 12, 2026
Fairness Hearing	December 3, 2026, 10:30 a.m. Pacific
Expected Payment Date	UNVERIFIED — settlement site says payments follow final approval and any appeals, “shortly after” if unopposed, with no specific date given

AMPAM Parks Mechanical ESOP — Frequently Asked Questions, No. 5:24-cv-01038-KK-DTB

Do I need a lawyer to get my AMPAM Parks Mechanical ESOP settlement payment? 

No. Payment is automatic once the Court grants final approval, and the court has already appointed Michelle C. Yau, Daniel R. Sutter, Ryan A. Wheeler, and Allison C. Pienta of Cohen Milstein Sellers & Toll, PLLC as Class Counsel. You can hire your own ERISA attorney at your own expense for a second opinion.

Is the AMPAM Parks Mechanical ESOP settlement legitimate? 

Yes. Ramirez, et al. v. AMPAM Parks Mechanical, Inc., et al., No. 5:24-cv-01038-KK-DTB, is a real case in the U.S. District Court for the Central District of California, before Judge Kenly K. Kato, administered by Atticus Administration through ampamsettlement.com.

When will AMPAM Parks Mechanical settlement payments be sent? 

Not before the December 3, 2026 Fairness Hearing, and only after any appeals resolve. The settlement agreement schedules the bulk of the $13.75 million — $13,700,000 — for deposit within 30 days of final approval, with the remaining $50,000 already due within 30 days of preliminary approval.

What if I miss the November 12, 2026 deadline?

 You’ll still get your automatic settlement payment. That deadline only affects your ability to submit a Rollover Form or file an objection — not your right to be paid.

Will my AMPAM Parks Mechanical settlement payment go on a 1099?

 Possibly. Consult a tax professional about how your specific payment — check or rollover — will be reported.

Can I opt out of the AMPAM Parks Mechanical settlement? 

No. This is a mandatory, non-opt-out class action. Every class member is bound by its terms once the Court approves it.

What specific claims does this settlement actually resolve?

 Fewer than the case originally alleged. Plaintiffs dropped claims against Ventura Trust Company, dropped prohibited-transaction claims under ERISA § 1106, and dropped any claim that the ESOP’s 2023 stock sale was improper — all before the parties settled. What remains, and what this settlement resolves, centers on the ESOP’s 2019 purchase of AMPAM stock.

What’s an Independent Fiduciary, and why does this settlement need one?

 It’s a neutral, ERISA-specialist third party required to separately determine the deal satisfies federal Prohibited Transaction Exemption 2003-39 and to file that determination with the court at least 35 days before the Fairness Hearing — an extra layer of scrutiny specific to ERISA settlements like this one.

Sources Used in This AMPAM Parks Mechanical ESOP Settlement Article

• Official Settlement Website — Ramirez, et al. v. AMPAM Parks Mechanical, Inc., et al.: https://www.ampamsettlement.com/
• Official Settlement FAQ: https://www.ampamsettlement.com/faqs-2/
• Long Form Notice (English): https://www.ampamsettlement.com/wp-content/uploads/2026/09/Long_Form_Notice_ENG.pdf
• Class Action Settlement Agreement (Yau Ex. 1): https://www.ampamsettlement.com/wp-content/uploads/2026/09/Yau-Ex.-1-Ramirez-v-AMPAM-Settlement-Agreement-Executed-Final.pdf
• Rollover Form Portal: https://www.ampamsettlement.com/ramirez-v-ampam-rollover-form-login/

Researched and written by Israr Ahmad, legal content researcher and founder of AllAboutLawyer.com. Facts in this article are verified against the official settlement website, FAQ, Long Form Notice, and the executed Class Action Settlement Agreement posted at ampamsettlement.com, as of September 15, 2026. Any field that could not be confirmed from a named primary source is marked UNVERIFIED above rather than estimated. Last Updated: September 15, 2026.

This article is for informational purposes only and does not constitute legal advice. Laws vary by state and individual circumstances differ. For advice about your specific situation, consult a qualified attorney.