Class Certified In ERISA Suit Against ABB

Law360, New York (December 4, 2007, 12:00 AM EST) -- A group of 401(k) plan participants have won class certification in a suit that accuses ABB Inc., Fidelity Management Trust Co. and Fidelity Management & Research Co. of breaching their fiduciary duties under ERISA.

The plaintiffs claimed that investments in two ABB plans were steered into Fidelity funds, causing plan participants to incur unnecessary fees. And revenue-sharing deals were not disclosed, they claimed.

U.S. District Judge Nannette K. Laughrey signed off on an a memorandum and order Monday granting plaintiffs' motion for class certification.

She rejected...
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