Pension Plan Overcharged Workers, Suit Claims

Law360, New York (January 2, 2007, 12:00 AM EST) -- Engineering company ABB and its benefits manager overcharged workers to join its retirement plan, according to a proposed class action lawsuit.

The company, which employs about 107,000 workers worldwide, including 8,500 in the US, allegedly charged excessive and unreasonable fees and expenses to staff participating in its private 401(k) plan.

The suit also claims the company did not properly disclose its fee rates to employees.

Lawyers are hoping to receive class action status for the suit, which was filed Friday in the Western District of Missouri....
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