Amway Workers Negotiate Settlement Over 401(k) Plan’s Funds

Amway parent company Alticor Inc. agreed to settle a 5,000-person class action challenging how it managed a billion-dollar retirement plan covering its workforce.

The parties announced their settlement during a conference this week, Magistrate Judge Phillip J. Green said in an order issued Wednesday. Green gave them until July 1 to submit details of the agreement for court approval.

The lawsuit, pending in the US District Court for the Western District of Michigan, says Alticor violated the Employee Retirement Income Security Act by failing to negotiate for lower 401(k) administrative fees, investigate cheaper investment options, and take advantage of the ...