March 19 (Bloomberg) — Fidelity Management Trust Co. and the U.S. unit of generator-maker ABB Ltd. won an appeals court decision that upends a trial judge’s finding that breaches of their legal obligations cost ABB retirement plan participants more than $35 million.

A 2-1 majority of the U.S. Court of Appeals in St. Louis ruled Fidelity had no obligation to recapture for plan participants $1.7 million in overnight “float” income because the funds weren’t a plan asset as defined by federal law. The panel unanimously agreed ABB breached its duty by failing to monitor plan record-keeping costs.

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