Schlichter Bogard Reaches Preliminary $12.4 Million Deal with Northrop Grumman

On Monday, January 13, Schlichter Bogard & Denton reached a preliminary $12.4 million settlement with Northrop Grumman on behalf of workers and retirees, who claimed the military contractor violated the Employee Retirement Income Security Act by using an imprudent decision-making process when opting to actively manage its emerging markets fund. If approved, the settlement would end a legal battle that has spanned thirteen years.

“We are pleased that Northrop Grumman employees and retirees will receive compensation for the past and have a plan going forward that will enable them to build their retirement assets for the long-term future,” Schlichter Bogard & Denton Senior Partner Jerry Schlichter said.

2020 marks our fourteenth year of safeguarding American retirement assets. This settlement is one of several high-impact cases handled by Schlichter Bogard & Denton. For additional information about Schlichter Bogard & Denton’s Retirement practice, please contact us at 800-873-5297 or sbd@uselaws.com.