Bloomberg Law
March 18, 2019, 4:11 PM

Fidelity Employees Demand Internal Docs Detailing 401(k) Change

Jacklyn Wille
Jacklyn Wille
Reporter

Former employees of FMR LLC, the parent company of Fidelity Investments, want to force the company to turn over internal documents detailing a “radical” 401(k) plan amendment allegedly aimed at reducing Fidelity’s fiduciary responsibility.

Fidelity is accused of filling its employees’ 401(k) plan exclusively with expensive funds that earned fees for the company. Employees on March 15 asked a federal judge to force Fidelity to turn over records of a 2014 plan overhaul that employees say was designed to allow the company to avoid fiduciary liability with respect to these funds.

The lawsuit, filed in 2018 on behalf of a ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.