Lockheed Martin Corp. et al.

A lawsuit has been filed and is seeking class action status against seven large companies for allegedly violating pension laws by allowing their employees to be overcharged by outside firms operating 401k retirement plans. The suit was filed against Lockheed Martin Corp., General Dynamics Corp., United Technologies Corp., Bechtel Group, Caterpillar Inc., Exelon Corp. and International Paper Co. More than 400,000 employees were charged millions of dollars in excessive management fees hidden in obscure agreements and not disclosed to workers. According to the lawsuit, arrangements were not disclosed to participants and the costs charged far surpassed what is reasonable to manage the accounts.