Sponsors, take heed. The terms of two settlements in retirement plan cases, one for a record amount, were agreed upon this week, with both cases being represented by law firm Schlichter, Bogard & Denton.

In the first case, Abbott v. Lockheed Martin, a $62 million settlement was approved on behalf of employees of aircraft company Lockheed Martin by Chief U.S. Judge Michael Reagan of the Southern District of Illinois.

The case alleged excessive fees in two of Lockheed Martin’s 401(k) plans, as well as imprudent management of certain investment options offered to employees.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 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.