30 Jun Sponsor Settles ERISA Suit
Plan Sponsor reports that employees of Northrop Grumman have reached an agreement with their employer to resolve claims in the long-running matter of In re Northrop Grumman Corp. ERISA Litigation, a class action lawsuit initially filed back in 2006. The case involves a classic example of an ERISA self-dealing challenge, a charge often raised against the retirement plans being run by investment providers and recordkeeping providers themselves.
In cases such as this, it might be possible that an outsourced administrative fiduciary could have prevented the non-functioning administrative and compliance failures that could lead to similar legal action.
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