TMCnet News
Settlement Achieved by Schlichter, Bogard & Denton on Behalf of Boeing Employees in 401(k) Excessive Fee CaseSchlichter, Bogard & Denton, a leading national law firm based in St. Louis, announced today that it reached a provisional settlement on behalf of 190,000 Boeing (News - Alert) employees and retirees in the 401(k) excessive fee case, Spano v. Boeing. The Boeing Voluntary Investment Plan is the second largest 401(k) plan nationwide, which stands at $44 billion today. "We are pleased to have reached this settlement for the employees and retirees of Boeing," said Jerry Schlichter, Managing Partner at Schlichter, Bogard & Denton and Lead Attorney for plaintiffs. "We have been committed for over a decade to improving the 401(k) savings plans that millions of Americans rely on for a secure retirement." A notice of the settlement was filed by the parties in the Court of Chief Judge Nancy J. Rosenstengel of the U.S. District Court for the Southern District of Illinois. In a complaint originally filed in September 206, the plaintiffs alleged that Boeing breached its fiduciary duties under the Employee Retirement Income Security Act (ERISA). Plaintiffs alleged that Boeing mismanged the 401(k) plan to the detriment of its employees in violation of its fiduciary obligations. Specifically, plaintiffs alleged Boeing knowingly allowed the recordkeeper, CitiStreet, to charge employees and retirees excessive fees. In addition, plaintiffs alleged Boeing kept expensive and unduly, risky investment options in the plan, costing a loss of retirement assets to employees and retirees. Boeing denied all of the allegations and contended it complied in all respects with the law. About Schlichter, Bogard & Denton, LLP Schlichter, Bogard & Denton, LLP, of St. Louis is a national law firm that represents individuals, including victims of financial abuse and 401(k) plan investors, whose plans suffer from excessive fees or imprudent investment options. Its attorneys are dedicated to helping financial abuse victims, and helping employees and retirees secure the retirement benefits they deserve. More information can be found at: www.uselaws.com or call (314) 621-6115.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150827005805/en/ |
