8th Circ. Cuts $37M Judgment In Fidelity 401(k) Fees Row

Law360, New York (March 19, 2014, 7:00 PM EDT) -- The Eighth Circuit reduced a $36.9 million judgment against ABB Inc. and Fidelity Management & Research Co. to $13.4 million in a class action brought by ABB retirees over 401(k) plan fees, ruling Wednesday that the lower court should have given the plan administrator more deference.

Although the appeals court upheld a $13.4 million judgment against ABB for failing to monitor record-keeping costs, the three-judge panel ruled that a lower court erred in how it reviewed whether ABB breached its fiduciary duty with its choice of...
To view the full article, register now.




Case Information

Case Title

Ronald Tussey, et al v. ABB, Inc., et al

Case Number



Appellate - 8th Circuit

Nature of Suit

3791 Employee Retirement Income Security

Date Filed

May 3, 2012

Law Firms


Government Agencies

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.