401(k) Fee Lawsuits Name Northrop, Boeing
From Times Staff and Wire Reports
Century City-based Northrop Grumman Corp. and Chicago-based Boeing Co. have joined the list of major companies being sued for allegedly allowing their employees to be overcharged in their 401(k) retirement plans.
The suits filed by St. Louis attorney Jerome J. Schlichter last month allege that the employers broke federal law by failing to ensure their workers are charged reasonable fees for management of the plans.
Previously named in the suits were Lockheed Martin Corp., General Dynamics Corp., United Technologies Corp., Bechtel Group, International Paper Co., Exelon Corp. and Caterpillar Inc.
The companies have either declined to comment or disputed the allegations.
