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Boeing to pay $57 million to settle retirement fees case

Boeing Co. has agreed to pay $57 million to settle a lawsuit over fees and investment options in the company’s retirement plan.

The lawsuit alleges the Chicago-based aerospace company’s 401(k) program charged excessive fees and offered higher-cost investment options. Boeing has denied any wrongdoing.

The settlement covers Boeing workers enrolled in the program, called the Voluntary Investment Plan, between 2000 and 2006.

“This settlement is a reasonable approach to avoid the additional expense of continued litigation,” Tony Parasida, senior vice president of human resources and administration, said in a note distributed to employees Thursday. “Boeing maintains that it has prudently managed and overseen the VIP at all times.”

The settlement will come up for approval by a federal judge in southern Illinois in early 2016.

The settlement was first reported by the New York Times.