We consider light scattering by a coated magneto-plasmonic nanoparticle (MPNP) with a Kerr-type nonlinear plasmonic shell and a magneto-optic core. Such structure features two plasmon dipole modes, associated with electronic oscillations on the inner and outer surfaces of the shell. Driven in a nonlinear regime, each mode exhibits a bistable response. Bistability of an inner plasmon leads to switching between this state and a Fano resonance (Fano switching). Once the external light intensity exceeds the critical value, the bistability zones of both eigen modes overlap yielding optical tristability characterized by three stable steady states for a given wavelength and light intensity. We develop a dynamic theory of transitions between nonlinear steady states and estimate the characteristic switching time as short as 0.5 ps. We also show that the magneto-optical (MO) effect allows red-and blue-spectral shift of the Fano profile for right-and left-circular polarizations of the external light, rendering Fano switching sensitive to the light polarization. Specifically, one can reach Fano switching for the right circular polarization while cancelling it for the left circular polarization. Our results point to a novel class of ultrafast Fano switchers tunable by magnetic field for applications in nanophotonics.