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Boeing to pay $57 million to settle 401(k) lawsuit

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(Reuters) — Boeing Co. has agreed to pay $57 million to settle a lawsuit in which employees accused the company of mismanaging their 401(k) retirement plan, the plaintiffs' legal firm said on Thursday.

The settlement amount is the second-highest ever in excessive 401(k) fee litigation, law firm Schlichter Bogard & Denton L.L.P. said in an emailed statement.

Lockheed Martin Corp. paid $62 million to settle a similar lawsuit earlier this year.

The Boeing lawsuit, filed in 2006, contended that the company had breached its fiduciary duties to employees by allowing the record-keeper to charge employees and retirees excessive fees and placing expensive and risky investment options in the plan, which dampened investment returns.

Boeing denied wrongdoing, but settled to avoid the expense and uncertainty of litigation, the St. Louis law firm said.

Boeing said it had no immediate comment.