Yanfeng Automotive Cleared for $990,000 401(k) Fee Settlement

Yanfeng US Automotive Interior Systems I LLC received final court approval for a $990,000 class settlement with workers who claimed their $340 million 401(k) plan was filled with expensive, actively managed funds.

The deal is slated to benefit about 10,500 people who were covered by Yanfeng’s retirement plan between January 2018 and October 2022. It requires the company’s investment committee to review 401(k) fund performance on a quarterly basis and to undergo fiduciary training each year, according to the settlement motion.

Judge Terrence G. Berg of the US District Court for the Eastern District of Michigan signed the final ...