Northrop Grumman Says Workers Got All 401(k) Perks Despite Suit

Allegations of retirement plan mismanagement at Northrop Grumman Corp. are based on an “overbroad and meritless” legal theory, lawyers for the company told a Virginia federal court.

The proposed class action—which says Northrop wrongly used forfeited 401(k) money for its own benefit instead of using it to lower workers’ expenses—is an impermissible attempt by plan participants to secure “additional and greater” benefits than those provided under the terms, the company said in a May 23 motion. The plaintiffs received 100% of the contributions the plan committed to provide, which is fatal to their lawsuit claiming violations of the ...