Northrup Grumman Settlement Receives Final Approval; Court Cites Schlichter Bogard’s “Pioneering and Persevering Efforts”
In September 2016, Schlichter Bogard & Denton brought suit against Northrup Grumman on behalf of current and former participants in Northrup Grumman’s 401(k) plan, alleging violations of the Employee Retirement Income Security Act (“ERISA”). The suit followed a related lawsuit filed by Schlichter Bogard & Denton on behalf of plan participants in 2006, which in 2017 resulted in a $16.75 million settlement on behalf of plan participants.
The parties reached a settlement as trial was set to begin in October 2019. On September 25, the U.S. District Court for the Central District of California entered a final order approving the $12.375 million settlement, which it deemed an “exceptional result” for the class.
“The Court finds that Schlichter Bogard & Denton is exceptionally skilled having achieved unparalleled success in actually pioneering complex ERISA 401(k) excessive fee litigation,” wrote the District Court. “The Court agrees with other district courts that Schlichter Bogard & Denton are attorneys of the ‘highest caliber’.”
The court further commended Schlichter Bogard & Denton’s “tremendous effort[s],” and noted that the firm “has zealously represented employees and retirees of Northrop Grumman while taking on enormous financial risks.”
This result on behalf of plan participants underscores our commitment to achieving justice for American workers and retirees. For additional information about Schlichter Bogard & Denton’s Retirement practice, please contact us at 800-873-5297 or sbd@uselaws.com.
