L3Harris Technologies Sued Over Funds in $13.5 Billion 401(k)

Former employees of L3Harris Technologies Inc. accuse the defense contractor of charging excessive fees and offering overly expensive funds in its $13.5 billion 401(k) plan, a proposed class action filed in Florida federal court shows.

L3Harris failed to obtain the cheapest available share classes for multiple plan investments, causing plan participants to pay higher fees than necessary on their retirement savings, employees said in a March 18 complaint. The company failed to use the plan’s asset base as leverage to negotiate a better deal on fees, the employees claim.

The proposed class action, filed in the U.S. District Court for ...