Workers Take Aim At Lockheed Martin Over 401(k)

Law360, New York (September 13, 2006, 12:00 AM EDT) -- Upset over the alleged mishandling of their 401(k) plans, a group of Lockheed Martin workers have filed suit against their employer, accusing the defense contractor of violating its duties under the Employee Retirement Income Security Act.

On Monday, plaintiffs Anthony Abbott, Eric Fankhauser, and five others filed suit in the U.S. District Court for the Southern District of Illinois, charging Lockheed Martin with breaching its fiduciary obligations.

“By subjecting the plans and their participants to these excessive fees and expenses, and by other conduct set forth...
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