L3Harris Retirement Plan Fee Class Action Settles for $650,000

L3Harris Technologies Inc. will pay $650,000 to settle a class action challenging how the defense and aerospace contractor manages its employees’ retirement plan.

The proposed deal represents about 22% of the employees’ highest estimated damages in connection with the plan’s allegedly excessive recordkeeping fees, according to a March 1 settlement motion. The amount reflects the company’s “strenuous arguments” that the workers suffered no damages with respect to the investments challenged by the case, according to the motion.

The lawsuit says the company violated the Employee Retirement Income Security Act by failing to obtain the cheapest available share classes for ...