Status of the Case:
- This is one of the original excessive fee cases filed by Schlichter Bogard & Denton on September 11, 2006.
- Issues outstanding in the case are:
- (1) whether excessive fees paid by the Plans provide a basis for Plaintiffs’ fiduciary breach claim;
- (2) whether the Stable Value Fund (“SVF”) was properly disclosed to Plan participants and was a prudent investment option for them; and
- (3) whether the Company Stock Funds (“CSF”) were a prudent investment option for Plan participants.
- On September 24, 2012, the district court granted class certification of the plaintiffs’ excessive fees claim, denied class certification for plaintiffs’ SVF claim, and partially granted class certification of plaintiffs’ claim regarding the CSF.
- Plaintiffs filed an interlocutory 23(f) appeal to the 7th Circuit Court of Appeals, which they allowed. Briefing by the parties was completed and oral arguments were heard on May 29, 2013.
- On August 7, 2013, the 7th Circuit reversed the decision of the district court finding that based upon the issues on appeal, the SVF claim class definition alleged by plaintiffs in proper.
- Excessive Fees
- Imprudent Investments
- Victory for Plaintiffs: 7th Circuit Allows Class Certifications for Excessive Fee Cases (August 7, 2013)
- Oral Argument Held in 7th Circuit Class Certification Appeal (May 30, 2013)
- New Cases Added to the ERISA Litigation Index – May 2013 (May 2, 2013)
- Lockheed Martin Corporation
- Doc. 324 (S.D. Ill.) – Second Amended Complaint (October 12, 2011)
- Doc. 226 (S.D. Ill.) – Order Partially Denying Summary Judgment (March 31, 2009)
- Doc. 367 (S.D. Ill.) – Order Partially Granting Class Cert (September 24, 2012)
- Doc. 51 (7th Cir.) – Order Reversing Denial of Class Cert (August 7, 2013)
- 7th Circuit Court of Appeals
- Case No. 12-3736
- Southern District of Illinois
- Case No. 06-701
- District Judge Michael J. Reagan
- Magistrate Judge Donald G. Wilkerson
- Lockheed Martin Corp.
- Lockheed Martin Investment Management Co.
Attorneys – Plaintiffs:
- Schlichter Bogard & Denton, LLP
Attorneys – Defendants:
- Armstrong Teasdale, LLP
- Mayer Brown, LLP
- Schulte Rother & Zabel, LLP