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General Dynamics Settles 401(k) Fee Lawsuit

Settlement fund totals $15.15 million

By Susan Kelly | Updated on August 05, 2010

General Dynamics, a $31.9 billion defense contractor, and Fiduciary Asset Management Co. (Famco), an investment consultant, have agreed to a $15.15 million settlement in a class action lawsuit that alleged participants in General Dynamics’ 401(k) plans were provided with misleading information about fees.

In a statement released jointly by the two companies and law firm Schlichter Bogard & Denton, General Dynamics and Famco say that they complied with ERISA, the law that governs 401(k) plans, but decided to settle the lawsuit because “it is in their best interest.”

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