General Dynamics, a $31.9 billion defense contractor, andFiduciary Asset Management Co. (Famco), an investment consultant,have agreed to a $15.15 million settlement in a class actionlawsuit that alleged participants in General Dynamics' 401(k) planswere provided with misleading information about fees.
In a statement released jointly by the two companies and lawfirm Schlichter Bogard & Denton, General Dynamics and Famco saythat they complied with ERISA, the law that governs 401(k) plans,but decided to settle the lawsuit because “it is in their bestinterest.”
The lawsuit, Will v. General Dynamics, involved 401(k)plans with $6 billion in assets and about 85,000 participants.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
