Bechtel To Pay $18.5M To Settle ERISA Suit

Law360, New York (October 15, 2010, 10:50 AM EDT) -- Bechtel Corp. has agreed to pay $18.5 million to a class of current and former employees who say the engineering giant charged excessive fees on their retirement plans.

According to a motion to approve the settlement filed Tuesday in the U.S. District Court for the Northern District of California, Bechtel also agreed to hold off on investing any retirement plan money in retail mutual funds for 36 months after the settlement is approved and to not use an investment adviser in which the company holds more...
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