Land O Lakes settles 401(k) lawsuit
On March 4th, 2022 Land O Lakes settled a lawsuit regarding its 401(k) plans that claimed the company didn’t use a prudent process to select investment options. Filed in 2020, the plaintiffs also alleged the plan failed to properly monitor record-keeping fees and didn’t use the plan’s asset size as leverage to negotiate lower fees. The presiding judge ruled in favor of the plaintiffs, and Land O Lakes agreed to pay $1.8 million to the affected parties.
Labor|New Activity|ESG|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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