Schlichter Bogard & Denton Obtains Final Approval of $57 million Boeing 401(k) Settlement
Schlichter Bogard & Denton has obtained final approval of a landmark $57 million settlement on behalf of participants in Boeing's 401(k) plan. The settlement, which represents the second-largest amount recovered in a case involving alleged excessive 401(k) fees, received final approval from the U.S. District Court for the Southern District of Illinois after a hearing on March 30, 2016.
In addition to the monetary relief recovered on behalf of the class, significant changes were made to Boeing's 401(k) plan after Schlichter Bogard & Denton brought suit. According to an expert, these changes will benefit plan participants by approximately $239 million between 2006 and 2020, and will continue to benefit Boeing plan participants into the future.
In issuing the orders approving the settlement, the U.S. District Court noted, among other things, that "Schlichter, Bogard & Denton demonstrated skill and determination in obtaining this result for the Class"ť; "added great value to the Class through the litigation through the persistence and skill of their attorneys"; and "has significantly improved 401(k) plans across the country by bringing cases such as this one."
The case is captioned Spano v. Boeing, 06-cv-743-NJR-DGW (S.D. Ill.).