O-I Glass to Face Suit Over 401(k) Funds Run by a Group it Sold

A former O-I Glass Inc. employee advanced a proposed class action saying the glass bottle maker’s 401(k) plan offers expensive and poorly performing target date funds from a company that it previously owned.

O-I Glass is accused of allowing nearly 80% of its retirement plan assets to be invested in funds from Harbor Capital Advisors, a company O-I sold to a third party in 2001. O-I kept these funds in the plan despite their high fees and poor performance because it allowed the company to receive a higher sale price in the 2001 transaction.

The sale price was subject to ...