Auto Part Maker Meritor Settles 401(k) Lawsuit for $470,000

Nov. 24, 2021, 4:38 PM

Auto part maker Meritor Inc. will pay $470,000 to resolve a proposed class action challenging the administrative fees and investment options in its $616 million 401(k) plan, according to federal court papers filed in Detroit.

The deal is expected to benefit more than 5,000 people covered by the Meritor plan. In addition to a monetary payment, it requires the company to put the plan’s administrative and record keeping services up for competitive bidding within two years, the parties said in a settlement motion filed Tuesday in the U.S. District Court for the Eastern District of Michigan.

The Employee Retirement Income ...

To read the full article log in. To learn more about a subscription click here.