General Dynamics, a $31.9 billion defense contractor, and Fiduciary Asset Management Co. (Famco), an investment consultant, have agreed to a $15.15 million settlement in a class action lawsuit that alleged participants in General Dynamics' 401(k) plans were provided with misleading information about fees.

In a statement released jointly by the two companies and law firm Schlichter Bogard & Denton, General Dynamics and Famco say that they complied with ERISA, the law that governs 401(k) plans, but decided to settle the lawsuit because “it is in their best interest.”

The lawsuit, Will v. General Dynamics, involved 401(k) plans with $6 billion in assets and about 85,000 participants.

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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.