The U.S. Supreme Court refused a Lockheed Martin attempt to block a class action lawsuit claiming breach of fiduciary duty by managers of the company's 401(k) plan.
The Supreme Court let stand an August decision by the U.S. 7th Circuit Court of Appeals allowing the case, Abbott v. Lockheed Martin Corp., to proceed on behalf of more than 100,000 employees and retirees of the aircraft maker. The 7th Circuit, based in Chicago, had reversed a decision denying certification of the class.
The case, which has wound its way through the court system since it was filed in 2006, claims retirees and employees who participate in the plan were harmed because of high fees and bad investments management.
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