Boeing Co., Chicago, was named in a class-action lawsuit that claims the company failed to adequately monitor and disclose revenue-sharing fees for its $23.7 billion 401(k) plan. In a complaint filed Sept. 28 in U.S. District Court in East St. Louis, Ill., the law firm Schlichter, Bogard & Denton alleged that Boeing — like eight other major corporations that the law firm has previously sued — breached its fiduciary duties under the 1974 Employee Retirement Income Security Act by ignoring payments that 401(k) managers made to record keepers and other service providers and failing to disclose the fees to plan participants.
The complaint also alleges that Boeing charged excessive management fees for the employer stock fund option and held too much of the stock fund's assets in cash, reducing participants' returns.
"We do believe our savings plan is structured appropriately and meets all legal requirements," said Tim Neale, a Boeing spokesman.
