Thread for Employers who Screw over Employees

Lockheed Martin screwing over employees with excessive 401(k) fees and announce what may be the largest settlement of its kind.

Quote:

Originally Posted by Bloomberg (Bloomberg) -- Lockheed Martin Corp. agreed to pay $62 million to end a lawsuit over claims it shortchanged 120,000 workers and retirees who participated in its pension plans. The beneficiaries accused the defense contractor of subjecting them to excessive management fees and leaving those who invested in the company stock fund with returns that were worse than if they’d bought shares on the open market. Lockheed employees and retirees claim they were charged “unreasonable and excessive” fees that weren’t incurred solely for their benefit and weren’t disclosed, according to an amended complaint filed in 2011. The company denied the allegations.

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Thread for Employers who Screw over Employees