ABB, Fidelity Must Pay $37M Over Pumped-Up 401(k) Fees

Law360, New York (April 2, 2012, 9:10 PM EDT) -- A Missouri federal judge on Friday found ABB Inc. and Fidelity Management & Research Co. liable for a combined $36.9 million in a class action brought by ABB retirees who took issue with fees surrounding their 401(k) plans.

U.S. District Judge Nanette Laughrey ordered ABB to cough up $35.2 million and Fidelity to hand over $1.7 million for their actions, which she said had resulted in more expensive plans for the retirees.

According to her order, ABB failed to monitor Fidelity’s record-keeping costs, which ABB’s Human...
To view the full article, register now.




Case Information

Case Title

Kennedy et al v. ABB Inc. et al

Case Number



Missouri Western

Nature of Suit

Labor: E.R.I.S.A.


Nanette K. Laughrey

Date Filed

December 29, 2006

Law Firms

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.