Fidelity Sued Over 401(k) Fees

Law360, New York (December 14, 2006, 12:00 AM EST) -- 401(k) manager Fidelity Management Trust Co. has been named in a lawsuit brought by employees of farm-equipment giant Deere & Co. who allege the investment company charged excessive and improper fees for its services.

The case is one of many of its kind filed in recent months alleging companies’ 401(k) plan managers breached their fiduciary duties by allowing revenue sharing and charging plan participants inflated fees.

Three employees who participated in the John Deere Savings & Investment Plan filed the most recent suit in the U.S....
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