Magna International’s $2.9 Million 401(k) Pact Clears Hurdle

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

The agreement is expected to provide a class of more than 20,000 people covered by the Magna retirement plan since 2014 with about 31% of their “best-case” estimated damages, workers said in their settlement motion. Judge Nancy G. Edmunds of the US District Court for the Eastern District of Michigan granted preliminary approval to the deal Wednesday; she also scheduled a Jan. 7, 2025, fairness hearing.

• The lawsuit says the automotive supplier mismanages its ...