Boeing Settles Suit Over 401(K) Claims as Trial Set to Start
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Boeing Co. settled a lawsuit over claims that fees and expenses paid by a 401(k) retirement plan were illegal, averting a trial that was scheduled to begin Wednesday.
Workers alleged the fees of Boeing’s retirement plan violated the Employee Retirement Income Security Act, which sets minimum protections for such plans. The 2006 lawsuit, scheduled to be tried before U.S. District Judge Nancy Rosenstengel in East St. Louis, Illinois, was granted class-action status in 2013 on behalf of as many as 170,000 employees, according to Schlichter Bogard & Denton, the law firm for the plaintiffs.