(Bloomberg) — Lockheed Martin Corp. agreed to pay $62 million to end a lawsuit over claims it shortchanged 120,000 workers and retirees who participated in its pension plans.
The beneficiaries accused the defense contractor of subjecting them to excessive management fees and leaving those who invested in the company stock fund with returns that were worse than if they'd bought shares on the open market.
While a settlement in principle was announced on the eve of trial in December, the parties only Friday revealed the dollar amount in a court filing seeking preliminary approval of the deal.
Also read: Lockheed to freeze pension plan
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
