Car Parts Co. workers seek class status in 401(k) lawsuit

By Abby Wargo (March 4, 2022, 2:51 PM EST) — Magna International employees accusing the auto parts supplier of charging excessive fees for its billion-dollar pension plan have asked a federal court in Michigan to certify a class of more than 26,000 plan participants, saying they were all equally affected by the expensive and poorly managed plan.

Workers Melvin Davis and Dakota King on Thursday asked U.S. District Judge Nancy G. Edmunds to certify a class of about 26,759 plan members in their lawsuit against Magna International, alleging the company was affecting them all and flouting the Employee Retirement Income Security Act by choosing an expensive investment. options and not evaluating retirement correctly…

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