In re Fidelity ERISA Float Litigation (formerly Kelley v. Fidelity Management and Trust Co.)

Case Highlights Status of the Case: Plaintiffs in the Kelley, Boudreau, Brown, and Columbia Air Service, Inc. sister float cases have filed a motion to consolidate under one case number. Attorneys for Kelley and Boudreau have moved for status as interim class counsel. Attorneys for Columbia Air Services, Inc. have filed a competing motion. On December 27, 2013, the … Continue reading In re Fidelity ERISA Float Litigation (formerly Kelley v. Fidelity Management and Trust Co.)

Plaintiffs Fail to Float Claim Past District Court

The U.S. District Court for the District of Massachusetts in In re Fidelity ERISA Float Litigation, No. 13-10222, 2015 WL 1061497 (D. Mass. March 11, 2015) has determined that float income is not a plan asset. This may be the last we hear about ERISA claims involving float targeting Fidelity, or any other service provider, … Continue reading Plaintiffs Fail to Float Claim Past District Court

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 Targeted Again and This Time Regarding Its Own In House Plan

Fidelity Investments has been targeted…again. First, Fidelity, and its related entities, were named as defendants in three sister cases regarding Fidelity’s handling of float in the defined contribution plans they administer. See Kelley v. Fidelity Management and Trust Co.; Boudreau v. Fidelity Management and Trust Co.; and Columbia Air Services, Inc. v. Fidelity Management and Trust Co. … Continue reading Fidelity is Targeted Again and This Time Regarding Its Own In House Plan

Tussey v. ABB Affirmed, Reversed, and Vacated in Part by 8th Circuit

by Thomas E. Clark Jr., JD LLM – March 19, 2014 Today, March 19, 2014, the 8th Circuit Court of Appeals affirmed, reverse, and vacated the trial court’s decision in Tussey v. ABB. The decision is effectively a mixed bag for plan sponsors, participants, and service providers. In summary: (1) The plaintiffs won the issue of … Continue reading Tussey v. ABB Affirmed, Reversed, and Vacated in Part by 8th Circuit