The trial over a 401(k) fee lawsuit against ABB Inc. is continuing on despite a workplace shooting at one of the company's factories on Thursday, in which the shooter was a plaintiff in the suit.
The trial over a 401(k) fee lawsuit against ABB Inc. is continuing on despite a workplace shooting at one of the company's factories on Thursday, in which the shooter was a plaintiff in the suit.
According to reports, Timothy Hendron, 51, shot and killed three people and injured another five in an attack at a St. Louis manufacturing facility operated by ABB. Mr. Hendron was employed by the Zurich, Switzerland-based engineering and technology company.
Mr. Hendron, who shot and killed himself in the rampage, was one of five named plaintiffs in a class action against ABB, Fidelity Management and Research Co. and Fidelity Management Trust, claiming they violated their fiduciary obligation under the Employee Retirement Income Security Act. Specifially, the suit alleges that participants in the plan have paid excessive fees and not earned sufficient financial returns on their investments due to plan mismanagement by ABB.
The trial over the suit went before Judge Nanette Laughrey of the U.S. District Court for the Western District of Missouri Tuesday and is expected to last four weeks. Despite the shooting, the trial will continue as planned, said Fran Smith, assistant to the judge.
The lawsuit is one of a number 401(k) fee suits filed by Schlichter Bogard & Denton PC. Calls to attorneys at the firm as well as to the press office at Fidelity Investments were not immediately returned.
Thomas Schmidt, a spokesman for ABB, said the company could not dislose any personal information about Mr. Hendron because of the ongoing police investigation. He did note that ABB disputes the allegations in the lawsuit and is vigorously defending the case.
