Oct. 02--St. Louis attorney Jerome Schlichter has won another big settlement in a lawsuit over excessive 401(k) fees.
International Paper has agreed to pay $30 million to settle a case that Schlichter's firm, Schlichter Bogard & Denton, filed in 2006. International Paper also agreed to put its 401(k) recordkeeping out for bids and to have an outside monitor look at the plan for four years.
The settlement must be approved by Judge David Herndon of the U.S. District Court in East St. Louis.
International Paper is one of several large employers that Schlichter accused of breaching a fiduciary duty to 401(k) investors. He reached a $35 million settlement with Cigna in June and won a $37 million verdict against ABB and Fidelity Investments last year. He also has reached settlements with Caterpillar, General Dynamics, Bechtel and Kraft Foods.
In the last two months, Schlichter's firm has obtained class-action status for similar suits against Boeing and Lockheed Martin.