Advance Auto Parts has agreed to pay $1.7 million to settle a class action lawsuit that accused it of mismanaging a company retirement plan for its employees.
U.S. District Judge Michael Urbanski granted preliminary approval of the settlement, which will potentially cover more than 22,000 Advance employees in Western Virginia and across the country.
The lawsuit, filed in Roanoke’s federal court in 2021, asserts that Advance officials failed to adequately review the investment portfolio of the company’s 401(k) plan to ensure best performance, and subjected participants to unreasonably high fees.
Our patented Investment Evaluation tool can help insulate executives and plan fiduciaries from potential litigation and enhance employees ability to achieve their retirement goals and objectives.
Our patented Investment Evaluation tool can help insulate executives and plan fiduciaries from potential litigation and enhance employees ability to achieve their retirement goals and objectives.
