Amway Parent Inks 401(k) Settlement Worth More than $1.5 Million

Alticor Inc., the parent company of health and beauty product multi-level marketing business Amway, will pay $1.51 million to settle a class action challenging how it managed a billion-dollar retirement plan covering its workforce.

The agreement, which is expected to benefit about 5,000 people covered by the Amway plan since 2014, represents about 12% of the plan participants’ “best-case damages” on the lawsuit’s remaining claims. It also requires the company to look for a new plan recordkeeper within the next five years, according to a settlement motion filed Monday in the US District Court for the Western District of Michigan. ...