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Lockheed Martin Sued for In-House Retirement Services, Funds (1)

Participants in three Lockheed Martin Corp. retirement plans filed a proposed class action challenging the company’s decision to use an in-house service provider and offer affiliated target date funds.

The plans have lost out on “hundreds of millions of dollars” since 2019 because of the company’s decision to use high-cost and poorly performing target date funds from a wholly-owned subsidiary that provides investment management services, participants said in a complaint filed Wednesday in the US District Court for the District of Maryland.

The lawsuit challenges how the defense and aerospace company manages its defined contribution retirement plans with help from …

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