Do not seek to follow in the footsteps of the wise. Seek what they sought. Matsuo Basho
Idea Transcript
A final settlement of $57 million has been agreed to in Spano v. Boeing Inc., a landmark fee case filed under the Employee Retirement Income Security Act. The case was settled last August just as it was scheduled to go to trial, almost 10 years after the claim was originally filed.
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The fund lost 22.5 percent in 2000, 45 percent in 2001, and 47 percent in 2002. Plaintiffs argued that inclusion of the fund was imprudent, as it is rare for 401(k)s to include sector funds, due to their high concentration in a specific area of the stock market. The Voluntary Investment Plan holds about $45 billion of workers and retirees retirement assets. The plaintiffs’ claim also alleged that Boeing fiduciaries had not shopped the plan for service providers for the 10 years prior to the claim.
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