Authorities Send Mixed Messages On Revenue Sharing

Law360, New York (June 29, 2007, 12:00 AM EDT) -- The Employee Retirement Income Security Act does not require plan sponsors or service providers to disclose revenue sharing fee information to participants, according to the U.S. District Court for the Western District of Wisconsin.

In a June 20 memorandum opinion dismissing a lawsuit against John Deere Inc. and two subsidiaries of Fidelity Investments, the court held that ERISA's statutory provisions contain limited and finite disclosure requirements that are not supplemented by ERISA's general fiduciary mandates.

The court also held that the defendants could not be liable...
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