Auto Part Maker Meritor Gets Early OK for $470,000 401(k) Deal

Auto part maker Meritor Inc. received preliminary court approval for a $470,000 class settlement resolving challenges to the administrative fees and investment options in its $616 million 401(k) plan, according to an order from a federal judge in Detroit.

The deal is expected to benefit more than 5,000 people covered by the Meritor plan. In addition to a monetary payment, it requires the company to put the plan’s administrative and record keeping services up for competitive bidding within two years, according to the parties’ settlement motion.

Judge Stephen J. Murphy III of the U.S. District Court for the Eastern …


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