Benefits & Executive Compensation News

ABB Inc. Pays $55M to End Long-Running 401(k) Fee Class Action

March 28, 2019, 7:14 PM

ABB Inc. will pay $55 million to end a long-running lawsuit claiming its 401(k) plan carried excessive fees and engaged in self-dealing with plan record keeper Fidelity.

The deal, announced in court papers filed March 28, is one of the largest 401(k) class settlements reached in recent years. It follows deals made by Lockheed Martin ($62M), Boeing ($57M), NovantHealth ($32M), International Paper ($30M), Ameriprise Financial ($27.5M), BB&T ($24 million), American Airlines ($22 million), and Deutsche Bank ($21.9 million).

The case against ABB Inc., the U.S. subsidiary of the Swiss robotics and technology...

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