The alleged shooter in the ABB, Inc. St. Louis factory shootings today, 51-year-old Timothy Hendron of Webster Groves, Missouri, was involved in a lawsuit against the company claiming that their pension plan had “unreasonable and excessive” fees and that the “selection of investment options for the Plan was imprudent and improper in light of the Plan’s size and enormous negotiating leverage in the investing marketplace.” Other plaintiffs in the case include Ron Tuseey and Timothy Pinnell.
Hendron entered the ABB Power Factory in St. Louis at 6:30am Thursday with an assault rifle and a handgun. He opened fire inside the plant, killing 3 people and wounding five others. KSDK video report from the scene the shooting:
And raw video footage from the ABB Inc. plant in St. Louis earlier today:
Here are the specifics from the actual legal document:
(Note that Hendron’s name is spelled differently. Some internet reports his name is actually Timothy Herndon.)
Charles Fisher, as representative of a class of similarly situated persons, and on behalf of the PRISM Plan for Represented Employees of ABB, Inc. and Ron Tuseey, Timothy Herndon and Timothy Pinnell as representatives of a class of similarly situated persons, and on behalf of the PRISM Plan for Employees of ABB, Inc..
ABB, Inc., John W. Cutler, Jr., Pension Review Committee of ABB, Inc., Pension & Thrift Management Group of ABB, Inc. Employee Benefits Committee of ABB, Inc., Fidelity Management Trust Company, and Fidelity Management & Research Company, )
Cause No: 2:06-cv-04305 NKL
JURY TRIAL DEMANDED ON ALL COUNTS TRIABLE
1. In this action, pursuant to ERISA § 502(a), 29 U.S.C. § 1132(a), Plaintiffs and Class Representatives Charles Fisher, Ron Tussey, Timothy Hendron, and Timothy Pinnell, on behalf of all similarly situated participants and beneficiaries of both the Personal Retirement Investment and Savings Management Plan for Employees of ABB, Inc. and the Personal Retirement Investment and Savings management Plan for Represented Employees of ABB, Inc. (Collectively and individually, the “Plan” or “Plans”) seek to recover the financial losses suffered by the Plan and to obtain injunctive and other equitable relief for the Plan from ABB, Inc. (the Plan Sponsor), the Pension Review Committee of ABB, Inc., the Plan Administrator, and other defendants identified below, based upon breaches of their fiduciary duties (collectively “Defendants”).
2. As set forth in detail below, Defendants caused the Plan to include investment options with fees and expenses – paid by the Plan, and thus borne by Plan participants – that were and are unreasonable and excessive; not incurred solely for the benefit of the Plan and its participants; and undisclosed to participants. Further, as set forth below, Defendants’ selection of investment options for the Plan was imprudent and improper in light of the Plan’s size and enormous negotiating leverage in the investing marketplace. By subjecting the Plan and its participants to these investment options and the accompanying excessive fees and expenses, and by other conduct set forth below, Defendants violated their fiduciary obligations under ERISA and caused damages to the Plan.
The rest of the legal documents can be downloaded HERE.
I don’t know a lot about legal documents, but for those that do HERE is another version of the suit that only lists Tussey as a plaintiff.