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Are Avon’s plan losses tied to Chinese bribery case?

The question being raised by the New York law firm Zamansky is whether the cosmetics maker with door-to-door saleswomen breached its fiduciary duties.

By Nick Thornton | Updated on December 01, 2014
Cosmetics and skin-care products for sale in an Avon store in Shanghai. Photo: Imaginechina via AP.

Avon Products Inc.’s illegal efforts to extend its reach into the Chinese market have drawn the attention of at least one ERISA plaintiffs’ attorney.

The question being raised by the New York law firm Zamansky LCC is whether the cosmetics maker with door-to-door saleswomen breached its fiduciary duties under ERISA by continuing to offer company stock to employees through its retirement plan, even after the company was being investigated by the Department of Justice and the Securities and Exchange Commission for violation of the Foreign Corrupt Practices Act.

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Nick Thornton

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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