Fidelity Escapes Claims Over Use of Workers’ 401(k) Plan Data

Fidelity Investments Institutional Operations Co. dodged a lawsuit accusing it of profiting off the confidential data of Shell Oil Co.'s 401(k) plan participants.

The case was being closely watched for its potential to increase the number of people who can be held liable for a breach of fiduciary duty. But the court kept a narrow definition of plan assets, limiting the number of people who can be sued.

The U.S. District Court for the Southern District of Texas dismissed claims that Fidelity was a fiduciary of Shell’s 401(k) plan and breached its alleged duties under the Employee Retirement Income Security ...