Fidelity Settles Lawsuit with Own Employees Over 401(k) ERISA Allegations

Fidelity has  settled two lawsuits filed last year by its own employees over allegations that they violated ERISA in the administration of their own 401(k) plan by charging excessive fees and committing prohibited transactions. We extensively covered the allegations in our previous posts – Fidelity is Targeted Again and This Time Regarding Its Own In … Continue reading Fidelity Settles Lawsuit with Own Employees Over 401(k) ERISA Allegations

Fidelity is Sued Again Over In-House 401(k) Plan

On January 7, 2014, FMR LLC or Fidelity Investments, was sued again by participants of its in-house 401(k) profit sharing plan. Previously, 29 participants had sued Fidelity in the Bilewicz v. FMR LLC matter filed in April 2013. (See previous posts here, here, and here) The plaintiffs here generally allege that the fiduciaries to the Fidelity … Continue reading Fidelity is Sued Again Over In-House 401(k) Plan

Breaking: New Excessive Fee Case Filed By MassMutual Employees

Today, November 5, 2013, in employees of Massachusetts Mutual Life Insurance Company (“MassMutual”) filed an ERISA class action lawsuit against their employer alleging self-dealing and excessive fees. The Complaint in Gordon v. MassMutual, et al. was filed in the District of Massachusetts by six current and one former participant in the MassMutual Thrift Plan. The MassMutual Thrift Plan has … Continue reading Breaking: New Excessive Fee Case Filed By MassMutual Employees

Case Against Fidelity Regarding In-house Plan Heats Up

The case filed by a participant in the Fidelity in-house 401(k) plan, Bilewicz v. FMR LLC, heated up today with the filing of a proposed First Amended Complaint. We previously discussed this case in the posts Fidelity Files a Motion to Dismiss the Lawsuit Regarding Its Own In-House Plan (June 3, 2013), Are target date funds really the … Continue reading Case Against Fidelity Regarding In-house Plan Heats Up