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Appeals court allows Boeing pension suit

The Seventh Circuit Court of Appeals is allowing 170,000 Boeing employees and retirees to proceed to a resolution of their claims that the 401(k) plan had excessive fees and imprudent investment options.

By Paula Aven Gladych | Updated on December 09, 2013

An appeals court has rejected Boeing Co.’s request to appeal a district court ruling that gave class-action status to participants in Boeing’s 401(k) plan for their claims that the managers of Boeing’s retirement plan breached their fiduciary duties under the Employee Retirement Income Security Act.

The Seventh Circuit Court of Appeals is allowing 170,000 Boeing employees and retirees to proceed to a resolution of their claims that the 401(k) plan had excessive fees and imprudent investment options. The decision affirmed Chief Judge David Herndon of the U.S. District Court for the Southern District of Illinois’s earlier decision to grant class certification to participants in Boeing’s 401(k) plan in Spano v. Boeing Co.

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