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.

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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.