Daily Labor Report®

Supreme Court Declines to Review Appeal
Of 401(k) Plan Fees Case Against ABB Ltd.

Nov. 10, 2014, 5:00 AM

The U.S. Supreme Court Nov. 10 denied review of an appeal by participants in ABB Ltd.'s Section 401(k) plan who challenged a federal appeals court’s decision overturning a $21.8 million award by a trial court that found the plan’s fiduciaries breached their duties by failing to monitor fees paid to Fidelity Management Trust Co. (Tussey v. ABB, Inc.cert. denied).

In March, the U.S. Court of Appeals for the Eighth Circuit vacated a $21.8 million judgment against ABB on class action claims by participants challenging the plan’s investment options and the “mapping” of plan assets from Vanguard Wellington Fund...

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