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Northrop Attacked For Sketchy 401(k) Fees

Law360 (October 11, 2006, 12:00 AM EDT) -- Defense contractor Northrop Grumman Corp. has been sued in a large class action for allegedly charging unreasonable fees and expenses to its employees’ 401(k) plans.

The suit, which names the company, its savings plan administrative committee, its investment committee and 16 executives, was filed in the U.S. District Court in Los Angeles back on Sept. 28. But the plaintiffs’ firm, Schlichter Bogard & Denton, just started publicizing the action this week.

According to the complaint, Northrop Grumman charged fees and expenses to the 401(k) plans that...
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