Tag: retirement plan litigation

Another Undisclosed Fee Lawsuit Filed Against Fidelity

According to the recent complaint, Fidelity has breached its fiduciary duties to retirement plans by charging mutual fund and other investment companies a substantial fee as a condition for their investment vehicles being offered on Fidelity’s fund platform.

ICI Says Supreme Court Could Defend Fiduciary Decisions in Taking Up Putnam Case

Putnam Investments has asked the U.S. Supreme Court to weigh in on whether the plaintiff or the defendant bears the burden of proof on loss causation under the Employee Retirement Income Security Act (ERISA) and whether showing that particular investment options did not perform as well as a set of index funds selected by the plaintiffs with the benefit of hindsight, suffices as a matter of law to establish losses to the plan.

Fidelity Faces ERISA Prohibited Transaction Charges in New Lawsuit

The lawsuit accuses Fidelity of requiring "secret" payments from funds to make up for declining amounts of revenue sharing payments received by the firm as a result of the increasing use of passive mutual funds, institutional and R6 share classes of mutual funds and collective trusts

Court Dismisses Exxon Mobil Stock Drop Suit

After giving plaintiffs a second chance at offering alternative action Exxon could have taken, the court again found the suggested action was something plan fiduciaries could believe would do more harm than good.