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ABB Can’t Take Claim Over 401(k) Investment Lineup to High Court

Oct. 2, 2017, 4:00 PM

ABB Inc. couldn’t convince the U.S. Supreme Court to review whether there is fiduciary liability when changing a retirement plan’s investment options causes a minimal increase in fees paid by participants and a minimal decrease in the administrative services fees paid by employers (ABB, Inc. v. Tussey, U.S., 17-265, cert. denied 10/2/17).

The denial leaves standing a decision by the U.S. Court of Appeals for the Eighth Circuit that remanded to the district court the issue of how much in damages ABB owes to participants in its 401(k) plan.

In 2015, the ABB fiduciaries were held liable for...

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