Avon Pays $6.25M To End Pension Mismanagement Suit
Law360, Los Angeles (February 29, 2016, 8:37 PM EST) -- Avon Products Inc. said on Monday that it will pay $6.25 million to settle a proposed class action in which its employees accused the cosmetics giant of mismanaging pension funds during a Foreign Corrupt Practices Act investigation.
Plaintiffs said in a memorandum supporting their unopposed motion for preliminary approval of the settlement that resolving the case would avoid litigation that could deplete available insurance and lead to a recovery of less than $6.25 million.
Numerous Avon workers alleged that the company, the plan administrator, benefits board and several executives harmed its employees by hiding FCPA violations and keeping them invested in...
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