(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.
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