Fidelity Settles Workers' 401(k) Plan Suit For $28.5M

Law360 (July 2, 2020, 4:14 PM EDT) -- Fidelity has struck a $28.5 million deal with current and former employees to settle a class action claiming the investment firm put profits ahead of their retirement savings by harvesting "excessive" fees from a limited lineup of Fidelity-affiliated funds in its 401(k) plan. 

The agreement, detailed in a court filing Thursday, resolves claims brought under the Employee Retirement Income Security Act of 1964. A Massachusetts federal judge allowed those claims to move forward in a March ruling.

Funded by Fidelity's insurers, the deal would put $28.5 million into a common fund split among the estimated 41,000 class members, which are Fidelity...

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