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|Lockheed Martin Settles Excessive Fee Lawsuit for $62 Million|
Fiduciary Matters Blog
Feb. 23, 2015
"The last of the first wave of excessive fee lawsuits filed on September 11, 2006 in what many dubbed the 'Schlichter Blitzkrieg' has been settled.... Lockheed Martin has agreed to pay $62 million and implement extensive affirmative relief. According to the settlement agreement, Schlichter, Bogard & Denton will request up to $20,666,666 in attorneys' fees and reimbursement of up to $1,850,000 in costs, all to come out of the settlement amount ... The plaintiffs had alleged that the fiduciaries to the Lockheed Martin 401(k) plans cause the plans to pay excessive administrative fees and that the fiduciaries had imprudently managed the money market fund and company stock fund."
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