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Judge Grants Final Approval To $62M Settlement And Fee Award In 401(k) Case

Mealey's (July 22, 2015, 4:59 PM EDT) -- EAST ST. LOUIS, Ill. — A federal judge in Illinois on July 17 awarded $20.6 million in fees and $1.6 million in costs and, on July 20, granted final approval to a $62 million settlement of claims by participants in two of Lockheed Martin Corp.’s 401(k) plans that the plans’ fiduciaries breached their duties under the Employee Retirement Income Security Act by causing the plans to pay excessive administrative expenses, by investing in a stable-value fund (SVF) that did not result in a rate of return...
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