8th Circ. Cuts $37M Judgment In Fidelity 401(k) Fees Row

Law360, New York (March 19, 2014, 7:00 PM EDT) -- The Eighth Circuit reduced a $36.9 million judgment against ABB Inc. and Fidelity Management & Research Co. to $13.4 million in a class action brought by ABB retirees over 401(k) plan fees, ruling Wednesday that the lower court should have given the plan administrator more deference.

Although the appeals court upheld a $13.4 million judgment against ABB for failing to monitor record-keeping costs, the three-judge panel ruled that a lower court erred in how it reviewed whether ABB breached its fiduciary duty with its choice of...
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