AT&T Liable for 401(k) Provider Contract With Trial on Horizon

AT&T Inc. mismanaged a 401(k) plan service provider arrangement in violation of federal law and must defend other aspects of its plan at trial, according to a sealed opinion made publicly available Thursday.

AT&T engaged in a prohibited transaction and acted imprudently under the Employee Retirement Income Security Act by contracting with Fidelity’s brokerage account platform without being sufficiently informed about all relevant fees, Judge Sherilyn Peace Garnett held in a sealed opinion issued March 31 and publicly filed Thursday.

The documents Fidelity provided about its BrokerageLink platform were untimely and didn’t sufficiently describe all possible fees and commissions, and ...