DEARBORN, Mich., Aug. 31 (UPI) -- U.S. auto giant Ford agreed in a court settlement to advise its workers not to lean too heavily on the company in their investment portfolios.
The deal, which requires court approval, would have Ford providing free financial counseling to about 150,000 workers and retirees, who sued the company when their investments collapsed during the prolonged industry-wide slump, The Detroit News reported Tuesday.
Ford workers, past and present, lost billions of dollars from 2000 through 2006 and claimed Ford should have restricted their 401(k) investments in the company.
The suit was filed in April 2006. Workers, by then, had lost more than $6 billion in their retirement plan accounts related to Ford investments, the newspaper said. UPI
