Amway Parent Employees Seek 5,000-Person Class in 401(k) Lawsuit

A lawsuit accusing Amway parent Alticor Inc. of mismanaging its 401(k) plan with high fees and bad investment options should be certified as a class action covering more than 5,000 people, plan participants told a Michigan federal court.

The motion seeks a class covering all Alticor plan participants and beneficiaries since November 2014, with the defendants and their immediate family members excluded. The case’s central question—whether Alticor fulfilled its fiduciary duties under the Employee Retirement Income Security Act in managing the $1.2 billion plan—turns on plan-wide conduct that affects all potential class members, according to the motion.

In fact, lawsuits ...