Lockheed Martin to settle retirement account suit

Bethesda, Md.-based aerospace company Lockheed Martin has agreed to settle a class action lawsuit that accused mismanagement of employee and retiree investment accounts.

The case could involve as much as $1.3 billion in damages, though terms of the settlement weren't disclosed, according to the St. Louis Business Journal.

Plaintiffs in the suit alleged that Lockheed had charged excessive fees to more than 100,000 investors in the company's retirement accounts. They also said the investments were managed poorly.

Read more from the St. Louis Business Journal.