ABB Strikes $55M Deal To End Long-Running ERISA Suit

Law360 (March 28, 2019, 2:54 PM EDT) -- ABB Inc. reached a $55 million deal Thursday to close the book on a 13-year-old class action accusing the technology and power company of using workers' retirement savings to offset its expenses and wrongly diverting those savings from one investment fund to another.

If approved by a Missouri federal judge, the deal would settle an allegation that ABB allowed Fidelity Management Trust Co. and Fidelity Management & Research Co. to overcharge workers for 401(k) plan record-keeping services because Fidelity was losing money on three other services it provided ABB.

The settlement would also put to bed a claim that ABB wrongfully...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!