A suit by present and former Lockheed Martin employees claiming that the company had mismanaged their pension funds and reduced their retirement was scheduled to start trial back in December but was postponed at the last minute for additional settlement negotiations. The employees and retirees makes two principal claims: (1) that Lockheed Martin's pension managers charged excessive and undisclosed fees; and, (2) mismanaged the investments such that the retirees realized a much lower gain than did investors in the open market. We reported earlier on the settlement, whose terms were then undisclosed, as reported in the Fort Worth Star-Telegram.
Fortune now reports that the settlement was for $62 million although it remains subject to a judge's approval, Lockheed Martin To Pay $62 Million to Settle 401k Suit.
