Dear AME Family:
We write to provide you with an update on the status of the denomination’s efforts to resolve the litigation relating to the Department of Retirement Services and to reaffirm the denomination’s commitment to ensuring that our participants do not continue to suffer because of what has happened to us.
Since we uncovered this devastating crime, there has not been a day that we, and the professionals we retained, have not worked to find a reasonable solution. Lawsuits limit our ability to speak freely about all efforts underway; however, to be clear, our constant concern and attention have been on full restitution of the mishandled, misappropriated funds and on limiting the erosion of any recovery through legal fees which will accrue with prolonged litigation.
Last month the Federal court overseeing this litigation dismissed seven of the nine claims against the denomination. It declined to dismiss claims against others, including Newport and Symetra, each of which is alleged to have breached fiduciary duties that they owed to the denomination. In February of this year, the denomination participated in an initial mediation with all parties, and the denomination expects to resume that mediation effort in early May. We pray that our second attempt at mediation will successfully accelerate a resolution.
We are still doing everything possible to pursue justice and compensation from those primarily responsible. However, whether we recover from these entities or not, we are family and committed to ensuring we receive what we expected before we uncovered this matter. By faith and some evidence, you WILL eventually receive the retirement funds you expected to receive before we all found out about this abomination. Again, we thank you for your patience and cooperation during this most challenging season in the life of African Methodism.
Yours in Christian service,
Bishop Ronnie Elijah Brailsford, Sr.
President, AMEC Council of Bishops
Bishop Adam J. Richardson, Sr.
Senior Bishop
