Spano, et al. v. Boeing (Mismanagement of 401(k) Plan)
Boeing paid $57 million to settle a lawsuit filed on behalf of 190,000 Boeing employees and retirees alleging mismanagement of the company’s 401(k) plan from the mid-1990s to 2006. The lawsuit alleged that Boeing breached its fiduciary responsibility by allowing 401(k) fees to go unchecked by selecting more expensive retail mutual funds over less expensive options and by making plan decisions that benefited vendors receiving other company business.
- Misconduct Type
- Enforcement Agency
- Contracting Party
- Court Type
- Date of Settlement Announcement