Pension and Investments – Suit against ABB, Fidelity gets class-action status, by Staff

A breach of financial duty lawsuit against ABB and Fidelity Management Trust was granted class-action status today in U.S. District Court in Jefferson City, Mo. The suit, filed by an ABB employee, alleges participants in the ABB 401(k) plan “were steered toward investments which were managed, operated or advised by Fidelity Trust or one of its affiliates (that) charged higher fees to the plan participants than were charged in the open market for the same product,” and that both firms “breached their fiduciary duties under ERISA,” according to a court memorandum and order…

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