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Fidelity fends off suit over 401(k) access fees for fund managers
The plaintiffs maintained that Fidelity was a fiduciary to the plan in respect to the selection of investment options, but courts did not buy that argument. Separately, New York Life and USI Insurance face new 401(k) lawsuits.
March 15, 2021 3 MINS
Fidelity Investments has fought off a class-action lawsuit challenging its practice of charging third-party mutual funds for shelf space in its 401(k) record-keeping business, recent court records show.
The firm was initially sued in 2019 by several different groups of participants in the T-Mobile 401(k) plan, though those cases were eventually consolidated. The claims were unsuccessful, and the case was dismissed at the district court level early last year.