The U.S. Supreme Court has declined to review an appeals courtdecision in Tussey v. ABB Ltd., a landmark case highlighting thesometimes excessive expenses in 401(k) plans.
The class-action lawsuit, filed in 2006, will now return to theMissouri District Court where the claim originated.
After a 16-day bench trial in 2012, U.S. District Judge NanetteLaughrey awarded $35 million in damages to more than 12,800 participantsin ABB's retirement plans. The court found that both ABB andFidelity breached their fiduciary duty by failing to overseerecordkeeping costs and mapping participants into more expensiveinvestment options, ultimately leading to losses in the value oftheir plans.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
