Chemical Company Evonik Agrees to Class Status in 401(k) Lawsuit

Evonik Corp. agreed to have federal litigation claiming it mismanaged its $1.4 billion 401(k) plan certified as a class action covering more than 4,800 people.

Evonik said it supports the request by plaintiffs Stehle Harris and David Elliot to certify a class consisting of all participants in and beneficiaries of the company’s retirement plan since February 2014, excluding certain of the company’s senior leaders who were named as defendants and their immediate families. At least 10 similar lawsuits claiming fiduciary breach under the Employee Retirement Income Security Act have gotten class status following similar agreements, the parties said in a ...