Bloomberg Law
Nov. 7, 2019, 8:24 PM

Fidelity Can’t Get Looming 401(k) Fee Trial Split Into Phases

Jacklyn Wille
Jacklyn Wille

FMR LLC, the parent company of Fidelity Investments, lost its bid to put limits on an upcoming trial over the company’s 401(k) plan. A federal judge in Massachusetts Nov. 7 denied Fidelity’s request to split the trial into two phases.

Fidelity said a two-part trial was necessary to avoid confusing the advisory jury that Judge William G. Young agreed to impanel to hear evidence and give him a nonbinding opinion on the case. According to Fidelity, having this complex Employee Retirement Income Security Act case heard by non-lawyers is likely to cause confusion and unfairly prejudice the company.

Young denied ...

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