Fidelity Settles Workers' 401(k) Plan Suit For $28.5M
By Brian Dowling (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...
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!