Lockheed Martin Lawsuit: The Investor, 401(k) and Pension Cases
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If you searched for a Lockheed Martin lawsuit, you most likely saw one of three active federal cases: a shareholder class action over losses on classified programs and the F-35, a 401(k) suit by employees over in-house target-date funds, or a retiree challenge to a $9 billion pension transfer that a federal appeals court heard on September 16, 2026. None of them has a settlement. There is no claim form and no deadline as of October 6, 2026.
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Reviewed by Leonard Goldberg, Editor · Last updated
What the Main Lawsuits Allege
Shareholders. The securities class action alleges that Lockheed Martin and current and former senior managers made misstatements about certain classified programs in its Aeronautics and Missiles and Fire Control segments and about the F-35 program. The lawsuit alleges those statements were revealed to be false when the company announced estimated losses on those programs. It covers people who bought Lockheed Martin securities between January 23, 2024 and July 21, 2025.
Employees’ 401(k). The lawsuit alleges Lockheed made target-date funds run by its own investment subsidiary the default option in three retirement plans, and that those funds underperformed competitors while benefiting the subsidiary.
Retirees’ pensions. The lawsuit alleges Lockheed breached its fiduciary duties when it moved pension obligations for about 31,000 people to the annuity insurer Athene, which the plaintiffs call a riskier choice than traditional annuity providers. The retirees still receive their benefits; the fight is over whether added risk alone is an injury.
Case Details
Securities: Khan v. Lockheed Martin Corporation, No. 1:25-cv-06197, U.S. District Court for the Southern District of New York, Judge Margaret M. Garnett. Filed July 28, 2025, amended January 12, 2026. Two Teamsters pension funds lead the case.
Shareholder derivative suits: filed in the U.S. District Court for the District of Maryland on September 11, 2025 and May 18, 2026, against current and former directors and officers. Lockheed is a nominal defendant; any recovery would go to the company, not to individual shareholders.
401(k): Fezer v. Lockheed Martin Corp., No. 8:25-cv-00908, District of Maryland, Judge Theodore D. Chuang. Filed March 19, 2025.
Pension transfer: Konya v. Lockheed Martin Corporation, No. 8:24-cv-00750, District of Maryland, Judge Brendan A. Hurson; on appeal to the U.S. Court of Appeals for the Fourth Circuit as No. 25-2061.
Status as of October 2026: Four Active Cases, No Settlement
401(k) case: in an order docketed April 17, 2026, Judge Chuang dismissed one count and let the other four proceed. The case is now past the dismissal stage.
Pension case: the district court denied Lockheed’s motion to dismiss on March 28, 2025, then on July 22, 2025 allowed an immediate appeal on standing. The U.S. Secretary of Labor filed a brief on January 9, 2026 supporting Lockheed. At oral argument on September 16, 2026, Fourth Circuit judges voiced doubt that the retirees have standing, according to Law360. As of October 6, 2026, we found no decision. A ruling for Lockheed would end the case; a ruling for the retirees would send it back to Maryland.
Don't miss the claim deadline
Claims are due by October 6, 2026. We'll email you 7 days and 1 day before the deadline.
Who Could Be Affected
Investors: people and entities that bought or acquired Lockheed Martin securities between January 23, 2024 and July 21, 2025. The deadline to ask to be lead plaintiff has passed, and lead counsel was appointed on October 24, 2025. You do not need to do anything now to stay in the proposed class.
Employees and former employees: participants in the three Lockheed 401(k) plans that used the in-house target-date funds as the default option.
Retirees: people whose Lockheed pensions were transferred to Athene. If you now receive a pension check from Athene instead of the Lockheed plan, you are in the group the lawsuit describes.
Customers, neighbors and the general public are not part of any of these classes.
Is There Money? Not Yet
For context only: Lockheed has settled a retirement-plan case before. In February 2015 it agreed to a $62 million settlement in Abbott v. Lockheed Martin, a 401(k) fee case filed in 2006 in the Southern District of Illinois that covered more than 100,000 plan participants. That case is closed and pays nothing today. It does not predict the outcome of the current 401(k) case.
Government fraud cases pay the U.S. Treasury, not the public. On February 6, 2025 the Justice Department announced that Lockheed agreed to pay roughly $30 million to resolve False Claims Act allegations of inflated F-35 pricing, on top of $11.3 million the company had already paid the Defense Department.
Lockheed Martin Lawsuit Timeline
- 1
March 2024 — Pension Transfer Suit Filed
Retirees sue in Maryland federal court over the transfer of pension obligations to Athene (Konya, No. 8:24-cv-00750).
- 2
March 28, 2025 — Pension Case Survives Dismissal
Judge Hurson denies Lockheed’s motion to dismiss; on July 22, 2025 he lets Lockheed appeal the standing question right away.
- 3
July 28, 2025 — Shareholder Class Action Filed
Investors sue in Manhattan federal court over statements about classified programs and the F-35 (Khan, No. 1:25-cv-06197).
- 4
January 12, 2026 — Amended Securities Complaint
Lead plaintiffs file the amended complaint. A second derivative suit follows in Maryland on May 18, 2026.
- 5
April 17, 2026 — 401(k) Suit Moves Forward
Judge Chuang dismisses one count in Fezer but lets four claims over the in-house target-date funds proceed.
- 6
September 16, 2026 — Fourth Circuit Hears Pension Appeal
Judges question whether the retirees have standing. As of October 6, 2026 no decision has been found; no case has a settlement.
Three Things to Watch For
Large names and pending class actions attract imposters. Watch for these in particular:
“Claim your Lockheed shareholder payout”
There is no securities settlement and no claims process. Ads from law firms asking investors to “join” are marketing; you stay in a proposed class without signing anything. Never pay a fee to “secure” a share.
Calls about your pension or 401(k) “settlement”
Retirees and employees are easy to target because the plans are well known. No court has ordered any pension or 401(k) payment. Do not give a caller your plan account login or Social Security number.
“Your pension is at risk, move it now”
Some sellers use news of the Athene lawsuit to push annuity rollovers. The lawsuit does not say benefits have stopped. Check any claim with the plan or Athene directly, using contact details from your own statements.
Lockheed Martin Lawsuit — Questions People Ask
Is there a Lockheed Martin class action settlement I can claim right now?
No. As of October 6, 2026, the shareholder, 401(k) and pension cases are all pending with no settlement, no claim form and no deadline. If a settlement happens, class members are notified by a court-appointed administrator.
What is the Lockheed Martin shareholder lawsuit about?
It alleges the company made misleading statements about classified programs and the F-35 program, and that the truth came out when it announced losses. It covers purchases between January 23, 2024 and July 21, 2025. No court has ruled on whether the claims are true.
I own Lockheed stock. Do I need to sign up?
No. If you bought in the class period, you are part of the proposed class unless you later opt out. The lead plaintiff step is finished: Judge Garnett appointed lead counsel on October 24, 2025.
What is the Lockheed 401(k) lawsuit?
Employees allege that in-house target-date funds were the default option in three plans and underperformed alternatives. On April 17, 2026 the court let four of five counts proceed. The case continues in Maryland federal court.
My pension was moved to Athene. Am I losing money?
The lawsuit does not claim that payments have been cut. It claims the transfer exposed retirees to more risk. Whether that is enough to sue is the question the Fourth Circuit is deciding in appeal No. 25-2061.
What about the Orlando groundwater pollution lawsuit?
In May 2026 a Florida jury found that the plaintiffs had not proved Lockheed polluted groundwater near its Orlando site and caused disease. In a July 28, 2026 opinion, the 11th Circuit upheld a 2023 ruling excluding two plaintiffs’ experts in a related part of the case.
Are there whistleblower fraud cases against Lockheed?
Yes, but they recover money for the government. On March 9, 2026 the Fifth Circuit revived a False Claims Act case (No. 24-10713) alleging inflated subcontractor pricing on military aircraft programs. See our qui tam guide for how these cases work.
What do the 56 wage-and-hour records mean?
They are U.S. Department of Labor investigations from 2002 to 2023 at workplaces operating under the Lockheed Martin name, according to the Settlement Insight database of federal and state enforcement records. They are not lawsuits against Lockheed Martin.
Separate from this case: were you injured in the last 2 years?
Class-action payouts are fixed amounts through an administrator. A personal injury claim is a different case — and often worth far more. Free estimate, no obligation.
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