O-I Glass to Pay $5 Million to End Suit Over 401(k) Plan Funds

O-I Glass Inc. reached a $5 million settlement with workers who said the glass bottle maker’s retirement plans were filled with expensive and underperforming mutual funds managed by a company it previously owned.

The deal is slated to benefit about 10,300 people covered by O-I’s retirement plans since July 2016, according to a settlement motion filed Feb. 23 in the US District Court for the Northern District of Ohio.

The lawsuit says O-I allowed 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. ...