Northrop Defends 401(k) As Trial Looms In ERISA Class Action
Law360 (October 10, 2019, 9:48 PM EDT) -- Northrop Grumman Corp. is gearing up to stand trial next week on allegations that its 401(k) plan betrayed workers by using a costly management strategy for a risky investment fund, telling a California federal judge that the strategy made sense at the time.
The massive military contractor told U.S. District Judge Andre Birotte Jr. on Tuesday that next week's trial should prove that Northrop based its plan-management decisions on "exhaustive" research by the company's investments and trust administration department.
Therefore, even if actively managing the Emerging Markets Equity Fund cost more than passively managing it would have, the workers can't prove...
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