DETROIT (AP) -- Ford Motor Co. would provide online financial advice for its employees under a proposed settlement of a federal lawsuit.
The non-cash settlement was reached in August but announced Monday. The U.S. District Court will hold a hearing Feb. 15 to decide whether to approve the settlement.
Ford employees had filed a class-action lawsuit against the company for keeping Ford stock as an investment option even as the shares fell below $2 a share in 2009.
As part of the settlement, Ford will send a notice about the importance of diversifying investments to retirement plan participants once Ford stock reaches 20 percent or more of their retirement plan holdings.
The non-cash settlement was reached in August but announced Monday. The U.S. District Court will hold a hearing Feb. 15 to decide whether to approve the settlement.
Ford employees had filed a class-action lawsuit against the company for keeping Ford stock as an investment option even as the shares fell below $2 a share in 2009.
As part of the settlement, Ford will send a notice about the importance of diversifying investments to retirement plan participants once Ford stock reaches 20 percent or more of their retirement plan holdings.
