Case Brought by Schlichter Bogard on Behalf of Lockheed Martin Pension Plan Participants Will Proceed
As reported by Law360 and other media outlets, a case brought by Schlichter Bogard on behalf of participants in Lockheed Martin’s $9 billion employee pension plan will proceed.
On Friday, a U.S. District Judge denied Lockheed Martin’s bid to dismiss the proposed class action, stating that the plaintiffs represented by Schlichter Bogard have a plausible claim that the company violated the Employee Retirement Income Security Act (ERISA).
The complaint alleges that the defendants offloaded retirement plan assets to a private equity-controlled firm with a highly risky offshore structure, putting the assets of 31,000 beneficiaries at risk.
For more information about Schlichter Bogard’s retirement practice, please contact us at 800-USE-LAWS (873-5297) or via email at contact@uselaws.com.
