The suit alleged that L3Harris’s investment committee failed to capitalize on available lower fees for numerous funds, resulting in overpayments ranging from 13% to 30%. The company purportedly left the plan’s investment portfolio largely untouched since 2015, leaving workers at a financial disadvantage.
Legal Proceedings and Mediation
U.S. District Judge Paul G. Byron endorsed class certification in June, citing common queries among all proposed members. While a seven-day bench trial was slated to commence on February 5, 2024, mediation sessions held toward the end of 2023 bore fruit in the form of a settlement in principle.
Representatives for the involved parties were not immediately available for comment.
L3Harris To Pay $650K in 401(k) settlement : Legal Representation
The class is represented by a team from Capozzi Adler PC and Matthew Fornaro PA. L3Harris is represented by legal counsel from Sidley Austin LLP and King Blackwell Zehnder & Wermuth PA.
