Amway Parent’s 401(k) Plan Fee Settlement Gets First Approval

Alticor Inc. received initial court approval for a $1.51 million class settlement in a lawsuit challenging how it managed the billion-dollar retirement plan covering its workforce.

The deal requires Alticor, the parent company of health and beauty product multi-level marketing business Amway, to look for a new retirement plan recordkeeper within the next five years. The $1.51 million settlement amount, which is expected to benefit about 5,000 people covered by the Amway plan since 2014, represents about 12% of the plan participants’ best-case damages on the lawsuit’s remaining claims, according to the settlement motion.

Judge Paul L. Maloney signed ...