ABB, Workers Get Early Approval for $55M 401(k) Settlement

April 3, 2019, 5:08 PM

ABB Inc.'s $55 million settlement with investors in its 401(k) plan won preliminary court approval April 2.

The deal ends a long-running class action covering about 12,500 current and former ABB employees who claimed the company’s 401(k) plan carried excessive fees and engaged in self-dealing with plan record keeper Fidelity. The case spawned a 16-day trial, two trips to a federal appeals court, and multiple appeals to the U.S. Supreme Court.

The settlement is one of the largest 401(k) class settlements reached in recent years. It follows deals made by Lockheed Martin ($62 million), Boeing ($57 million), Novant ...

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