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...

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