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...
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