Magna International $2.9 Million 401(k) Settlement Wins Approval

Magna International of America Inc. received final approval for a $2.9 million class settlement with workers challenging the fees charged by their retirement plan.

The deal is slated to provide a class of more than 20,000 people covered by Magna’s plan between 2014 and 2024 with about 31% of their “best-case” estimated damages, according to the settlement motion. Judge Nancy G. Edmunds of the US District Court for the Eastern District of Michigan signed the final approval order on Jan. 10.

• The automotive supplier allegedly mismanaged its $1.6 billion 401(k) plan by charging excessive administrative fees, offering high-cost share ...