Car Parts Co. Workers Seek Class Status In 401(k) Suit – Law360

March 4, 2022 by No Comments

By Abby Wargo (March 4, 2022, 2:51 PM EST) — Magna International workers accusing the auto parts supplier of charging excessive fees for its $1 billion retirement plan asked a Michigan federal court to certify a class of over 26,000 plan participants, saying they were all similarly affected by the costly, poorly managed plan.

Workers Melvin Davis and Dakota King on Thursday asked U.S. District Judge Nancy G. Edmunds to certify a class of roughly 26,759 plan participants in their suit against Magna International alleging the company affected all of them and flouted the Employee Retirement Income Security Act by choosing costly investment options and failing to properly evaluate the retirement…

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