Below is the first part of an article by Darla Mercado from Investmentsnews.com. It reads…
A years-long case against Lockheed Martin Corp., alleging a breach of fiduciary duty with respect to its 401(k) plan, is being permitted to proceed as a class action.
On Monday, the Supreme Court let stand a decision in the 7th U.S. Circuit Court of Appeals that permits employees of the defense contractor to proceed with a class action against the firm. The case will now go to trial.
The 2006 suit, Abbott v. Lockheed Martin Corp., centers on the claim that Lockheed Martin had breached its fiduciary duty to its participants and their beneficiaries through a number of actions, including the assessment of “unreasonably high fees” for plan services and investment management.
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