Fidelity Investments, also known as FMR LLC, has reached a settlement-in-principle to resolve a class action claiming that it populated its $17 billion 401(k) plan “exclusively” with fee-generating affiliated mutual funds in violation of federal law.
In a notice of settlement filed Thursday, the parties said they intend to file a motion for preliminary approval of a comprehensive agreement on or before July 2. No details of the settlement-in-principle were provided.
The trial, which they have asked to stay along with all other pending proceedings and deadlines, was scheduled to begin via Zoom July 6.
The court had already ruled ...
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