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Fidelity Defends Ex-Pfizer Executive’s Pension Tax Bill Suit

Feb. 19, 2020, 8:48 PM

Fidelity Workplace Services LLC asked a Manhattan federal judge to dismiss a lawsuit by a former Pfizer Inc. executive who says the companies’ failure to properly explain his retirement options left him with a hefty and unexpected tax bill.

Jeffrey Robertson’s “only contention” against Fidelity is that he “should have received individualized tax advice” regarding the potential consequences of his decision to retire, the company said. In providing Robertson with a benefit estimate, Fidelity performed only “ministerial duties” and didn’t act as a fiduciary subject to liability under the Employee Retirement Income Security Act, the company said in a motion...

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