The U.S. Supreme Court has declined to review an appeals court decision in Tussey v. ABB Ltd., a landmark case highlighting the sometimes excessive expenses in 401(k) plans.

The class-action lawsuit, filed in 2006, will now return to the Missouri District Court where the claim originated.

After a 16-day bench trial in 2012, U.S. District Judge Nanette Laughrey awarded $35 million in damages to more than 12,800 participants in ABB’s retirement plans. The court found that both ABB and Fidelity breached their fiduciary duty by failing to oversee recordkeeping costs and mapping participants into more expensive investment options, ultimately leading to losses in the value of their plans.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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