Blue Chips Hit With Suits Over 401(k) Plans

Law360, New York (September 26, 2006, 12:00 AM EDT) -- Several lawsuits have been filed against seven of the largest U.S. corporations, alleging that the companies allowed their employees to pay exorbitant fees charged by the outside firms running their 401(k) plans.

Lockheed Martin Corp., General Dynamic Corp., United Technologies Corp., Bechtel Group, Caterpillar Inc., Exelon Corp. and International Paper Co. have all been targeted by the suits, which claim the companies knew employees were being overcharged.

The suits allege that outside firms charged excessive management fees that were buried in the agreements and not pointed...
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