A class-action lawsuit brought by employees of Lockheed Martin Corp., Bethesda, Md., has been approved for trial by a U.S. district court judge.
The lawsuit, which was filed in September 2006 and has been remanded twice, now represents more than 100,000 employees and retirees questioning the fees and investments of two Lockheed Martin 401(k) plans, including a stable value fund and company stock, which the plaintiffs allege were imprudent investments.
In addition to upholding the excessive fee and company stock investment claims, U.S. District Court Judge Michael Reagan in East St. Louis, Ill., also on Friday allowed the plaintiffs in Abbott vs. Lockheed Martin Corp. to proceed with their stable value fund claim, which he said “compels certification.” A Dec. 1 trial date is expected to be confirmed in September.
Defined contribution plan assets total $27.7 billion.
Schlichter Bogard & Denton was appointed class counsel, and Mr. Reagan said he intends to appoint Lloyd Cueto, a retired St. Clair County, Ill., judge, to mediate a resolution.