In a case examining one of the country's largest 401(k) plans, a Missouri appeals court granted class-action status to Lockheed Martin employees and the beneficiaries who participated in the company's 401(k) plan between Sept. 11, 2000 and Sept. 30, 2006.
The Seventh Circuit Court of Appeals ruling overturns a previous denial for class certification by a lower court.
Brought to appeal by attorneys from Schlichter, Bogard & Denton LLP, the case hinges on underperforming investments in the Hueler FirstSource Index. Attorneys argued that Lockheed failed in its fiduciary duty. Plaintiffs claimed that poor management of the stable-value fund was in violation of ERISA standards in that the investments were primarily short-term money market products with lower returns and not in fact properly structured stable-value products.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- 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
Already have an account? Sign In Now
© 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.
