Northrop Grumman's $12.4M ERISA Deal Ends 13-Year Battle

Law360 (January 13, 2020, 10:57 PM EST) -- Northrop Grumman inked a $12.4 million settlement deal Monday with employees who claimed the defense giant's 401(k) plan betrayed workers by using a costly management strategy for a risky investment fund, wrapping up a 13-year legal fight.

Northrop Grumman has promised to put up $12,375,000 that will go in large part to pay workers who accused the massive military contractor of violating the Employee Retirement Income Security Act, the workers said in a bid for the court to give the deal an initial green light.

The workers also said they would seek to use the eight-figure fund to make $25,000 incentive...

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