Found a link to the Willis settlement-
http://www.willis-v-fedexground-settlement.com/Portals/0/Documents/Tab 5 - Settlement Agrmt.pdf
It is very unspecific as to the amount compared to the Oregon settlement. Apparently, the lawyers are left to figure it out instead of a pre-agreed amount. One good thing is that even if you don't qualify as a class member maybe because you didn't personally drive, you may still get a piece of the pie. I have no idea how many people are covered by this settlement.
I don't know how anyone can NOT object to a settlement offer that doesn't tell you how much the settlement is. $40 a week sure wouldn't be enough to cover even the 1/2 of the employment taxes that fedex should have been paying, which should be the minimum. On even a $60k total annual settlement from fedex, they would have needed to pay close to $100 in Social Security/FICA tax.
Plus the settlement only covers from 2001-2007, so much less time is covered. In this case, it looks like fedex got this settlement before it went to the 7th circuit court for a decision. In Oregon, the 9th circuit court decided that drivers/contractors were employees, and that decision encouraged fedex to start negotiations for a settlement in this case.
One good thing is that the payout will come in two parts, maybe if your lucky, part this year, and part next. Seemingly, wording is that it is for reimbursement for expenses, and not employment income, so you shouldn't have to pay social security taxes on it, just regular income taxes.
The preliminary agreement was signed 6-12-2016, so I don't think there's much time to object, if any time at all.