A federal judge in Michigan allowed the lawsuit against Magna International to go forward while denying one of the defendants’ motions for summary judgment
Court Finds Named Plaintiffs Inadequate to Represent Proposed Class on ERISA Excessive Fee Claims | Seyfarth Shaw LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
Court denies request for dismissal in Magna International ERISA suit
A Magna International plant in Markham, Ontario
A federal court judge in Detroit has rejected a request by Magna International of America Inc., Troy, Mich., to dismiss a lawsuit filed by former 401(k) plan participants who accused the company and plan fiduciaries of violating their ERISA duties.
The plaintiffs alleged that the defendants failed to reduce expenses and failed to properly assess each investment option to ensure it was prudent, according to their April 2020 complaint. They also said the fiduciaries should have selected lower-cost shares of mutual funds in the plan lineup.
Adient reports positive results in strong Q1
Sales of $3.85 billion
Adient
Plymouth-based Adient plc reported improved earnings in its first fiscal quarter, thanks to automotive recovery throughout the second half of last year.
Adient, the automotive seating supplier in the midst of a multiyear turnaround plan, swung to a net profit during its first fiscal quarter as higher margins overcame a drop in revenue.
The company on Friday said it posted net income of $150 million during the quarter ending Dec. 31, compared with a net loss of $167 million during the same quarter a year ago. The previous year s results included a one-time $216 million charge for impaired assets. Revenue during the quarter fell 2.2 percent to $3.8 billion.