Boeing settles $57 million 401(k) lawsuit

Signage on Boeing headquarters | Courtesy of Boeing
Signage on Boeing headquarters | Photo courtesy of Boeing

Nearly 200,000 participants in Boeing’s 401(k) plan will share in a $57 million proposed settlement of a class action suit claiming that the company mismanaged their retirement savings.

Of that $57 million, $20.8 million will go to the St. Louis-based firm Schlichter, Bogard & Denton, who brought the suit.

The settlement, which covers people in Boeing’s 401(k) plan between Sept. 28, 2000 and the end of 2006, comes after the nine-year-old suit claiming that Boeing failed in its duty to participants by allowing the record keeper, CitiStreet, to charge excessive fees.

The court will schedule a fairness hearing next year for any participant who may object to the settlement.

Read more from the St. Louis Post-Dispatch

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