A federal judge has given preliminary approval to a $7.6 million settlement compensating about 10,000 employees of auto supplier Visteon Corp. for losses in their 401(k) plans. The lawsuit argued that Visteon executives had violated fiduciary duties under ERISA by failing to prudently invest workers' funds. Visteon made restricted matching contributions to 401(k) plans in Visteon stock, but the suit asserts the company did not give participants complete and accurate information about its financial health.
January 18, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal judge has given preliminary approval to a $7.6 million settlement compensating about 10,000 employees of auto supplier Visteon Corp. for losses in their 401(k) plans.
The lawsuit argued that Visteon executives had violated fiduciary duties under the federal Employee Retirement Income Security Act by failing to prudently invest employees’ funds.
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