Four Boeing employees filed a federal class action lawsuit in District Court in East St. Louis alleging Boeing charged fees and expenses to their 401k plan that were unreasonable.
The plaintiffs, Gary Spano of Godfrey, John Bunk of Shipman, James White of St. Peters, Mo., and Victor Dubbs of St. Clair, Mo., are seeking to recover losses suffered by the plan and to obtain injunctive relief from Boeing.
In the complaint plaintiffs state their 401k plans provide a number of investment alternatives into which employees place a portion of their current income with the hope of earning, over time, a return sufficient to support themselves and their families in retirement.
They claim the return on their investments is critical and even seemingly small reductions in a participant's return in one year may substantially impair his or her accumulated savings at retirement.
The plaintiffs claim issues that are common to all class members are whether Boeing:
Based in Chicago, Boeing employs approximately 153,800 employees in 48 states and 67 countries.
Boeing's major operations are in the Puget Sound area of Washington State, southern California, and St. Louis. Total revenues for Boeing in 2005 were $54.8 billion.