Pactiv Evergreen Services and a former participant in a company 401(k) plan have agreed to settle an ERISA lawsuit, attorneys for both parties told a federal judge in Chicago Jan. 30.
The agreement in principle, reached through mediation, didn't discuss terms. A filing with the court said details would be provided by Feb. 29 in the case of Mazza vs. Pactiv Evergreen Services Inc. et al.
Pactiv is a household products company that was spun off by Reynolds Services in November 2019. Mazza sued Reynolds in September 2022, but amended his complaint citing Pactiv and Pactiv plan fiduciaries as the only defendants. He accused defendants of charging excessive record-keeping fees.
Pactiv's request to dismiss the complaint was rejected by U.S. District Court Judge Sara L. Ellis in May 2023. The judge ruled that the defendants "did not regularly reassess" the plan's record-keeping and administrative fees and did not seek information from other record keepers "or perform competitive comparisons."
