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ABB Mistakes Cost 401(k) $35.2 Mln

Company and its retirement plan managers breached fiduciary duty, court rules.

By Andrew Harris, Bloomberg | Updated on April 03, 2012

ABB Ltd.’s U.S. unit and its retirement plan managers cost plan participants more than $35 million through breaches of fiduciary duty, a U.S. judge ruled.

ABB Inc. and managers of its Personal Retirement Investment and Savings Management (Prism) plans failed to control record-keeping fees and didn’t pursue rebates, for which U.S. District Judge Nanette K. Laughrey in Kansas City, Missouri, found them liable for $13.4 million.

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