Mass. Suit Accusing Fidelity Of 401(k) Kickback Scheme Axed
Law360 (February 14, 2020, 10:47 PM EST) -- A Massachusetts federal judge tossed a proposed class action by a T-Mobile USA Inc. employee who accused the manager of the company’s 401(k)plan, Fidelity, of operating a so-called pay-to-play scheme in violation of the Employee Retirement Income Security Act, with the judge finding the worker couldn't show the companies acted like fiduciaries.
U.S. District Judge Leo T. Sorokin said the relevant contracts didn't specifically name Fidelity Management & Research and its subsidiaries as fiduciaries with respect to the 401(k) plan, and the judge said he wasn't convinced by plaintiff Andre W. Wong's claims that the companies should qualify as fiduciaries anyway under ERISA....
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