U.S. Court of Appeals for the Eighth Circuit Finds in Favor of ABB 401(k) Plan Participants Represented by Schlichter Bogard & Denton
On March 9, 2017, the U.S. Court of Appeals for the Eighth Circuit found in favor of a class of participants in ABB’s 401(k) plan represented by Schlichter Bogard & Denton. Schlichter Bogard & Denton previously prevailed on behalf of ABB 401(k) plan participants in the trial court, obtaining a substantial verdict in the first full trial of an excessive fee 401(k) case.
In finding in favor of ABB’s plan participants earlier this month, the Eighth Circuit ruled that the trial court did not err in holding that the ABB 401(k) fiduciaries abused their discretion and breached their fiduciary duties. Articles describing the Eighth Circuit’s ruling can be found here and here. The full opinion can be found here.