Schlichter, Bogard & Denton Achieves $16.75 Million Settlement on Behalf of Northrop Grumman Employees in 401(k) Excessive Fee Case
First of two ERISA actions against
“After 10 years of litigation, we are pleased that the employees and retirees of Northrop Grumman will now benefit from this settlement,” said
A motion for approval of the settlement was filed today by the parties in the
The settlement does not cover claims raised in Marshall v. Northrop Grumman Corp., a second case against Northrop filed by Schlichter, Bogard & Denton on
Schlichter, Bogard & Denton pioneered excessive fee 401(k) litigation on behalf of employees and retirees. Since 2006, the firm has filed over 20 such complaints and secured 13 settlements on behalf of employees. In 2009, the firm won the only full trial of a 401(k) excessive fee case against ABB. In 2015, the firm achieved a unanimous victory on behalf of employees, in the only 401(k) excessive fee case taken by the
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