Amway Parent Agrees to Class Status in 401(k) Plan Fee Lawsuit

Amway parent Alticor Inc. agreed to have a federal lawsuit challenging its 401(k) plan fees and investment options resolved as a class action covering more than 5,000 people.

Alticor said on Monday it wouldn’t oppose the plan participants’ bid for class certification, citing an interest in conserving judicial resources and avoiding “unnecessary motion practice.” The parties’ joint stipulation, filed in the US District Court for the Western District of Michigan, defines the proposed class as all the Alticor plan’s participants and beneficiaries since November 2014, except for defendants and their immediate family members.

The parties pointed out that class ...