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....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!