A settlement in the class action suit against New York City-bsaed cosmetics company Avon Products Inc. has been given preliminary approval in federal court after participants in the company's retirement plans sued over the stock's drop in price.
Plaintiffs in the case said that purchases of Avon stock for the company's retirement plans should have been frozen while Avon was being investigated for foreign corruption practices. They filed suit in early 2015 after alleging that the company's fiduciaries breached fiduciary duty by continuing to purchase Avon stock for the plans.
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