Astellas, Aon Settle Class Action Challenge to 401(k) Redesign

Astellas US LLC and Aon Investments USA Inc. reached a class-wide settlement with Astellas workers who challenged a 2016 redesign of their 401(k) plan to offer Aon funds they say were pricey and performed badly.

All parties have agreed to a class settlement resolving all claims and potential appellate rights, according to a joint settlement notice filed May 5 in the US District Court for the Northern District of Illinois. They expect to file the deal for approval by Judge Ronald A. Guzmán by June 9, they said.

The lawsuit claims Astellas, a pharmaceutical manufacturer, allowed Aon to replace its ...