Eighth Circuit Rejects ABB Inc.’s Request for a Rehearing in Longstanding 401(k) Suit Brought by Schlichter Bogard & Denton
On May 19, the U.S. Court of Appeals for the Eighth Circuit issued a one-sentence order refusing a bid by ABB, Inc. for rehearing of an opinion the Court issued in March that remanded a suit filed by Schlichter Bogard & Denton on behalf of ABB’s employees and retirees. Schlichter Bogard & Denton’s lawsuit alleged that ABB breached its fiduciary duties and engaged impermissible self-dealing regarding its employees’ 401(k) retirement plans. After a month-long trial, the district court found in favor of the plan participants represented by Schlichter Bogard & Denton.
As a result, the case will be remanded to the district court for a determination of damages. A Law360 article on the decision can be found here.