Astellas Workers Advance Challenge to Aon’s 401(k) Fund Swap

Participants in Astellas US LLC’s $932 million 401(k) plan are moving forward with the bulk of their proposed class action challenging a 2016 plan redesign that swapped existing investments for new funds from the plan’s discretionary investment manager, Aon Investments USA Inc., according to a ruling by a federal judge in Chicago.

Aon must face claims that it acted imprudently and disloyally in violation of the Employee Retirement Income Security Act when it filled the plan with affiliated investment products that allegedly had limited track records and performed poorly, according to an opinion issued Tuesday by Judge Ronald A....