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Caterpillar to pay $16.5 million after allowing employees to be overcharged on 401(k)s
Monday, November 9, 2009
Peoria Journal Star: Construction equipment manufacturer Caterpillar Inc. has agreed to pay $16.5 million to settle a lawsuit alleging the company allowed employees to be overcharged by outside firms operating their 401(k) plans. The net proceeds will go to employees who participated in the plans. The law firm that filed the class action suit has similar suits in process against Lockheed Martin, General Dynamics, International Paper and other companies accused of violating pension laws by permitting employees to be overcharged.
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