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 ...