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Auto Parts Co. Wants $1B ERISA Suit Axed After Colo. Ruling
Law360 (January 21, 2021, 2:16 PM EST) A Michigan federal judge should follow a Colorado court s lead and toss a proposed 401(k) class action against Magna after the auto parts supplier s employees accused it of including too-expensive investment options into their $1 billion retirement plan, the company said.
In a brief Wednesday supporting its August motion to dismiss, Magna International of America Inc. pointed to a Jan. 6 decision from the Colorado district court that addressed a similar Employee Retirement Income Security Act case.
In Kurtz v. Vail Corp., a Colorado judge found that a plaintiff hadn t plausibly alleged imprudence on the part of their retirement plan and.