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Fidelity Fights Suit Over Shell Oil 401(k) Data, Marketing

June 16, 2020, 6:44 PM

Fidelity Investments is pushing back against a lawsuit claiming it uses confidential data to aggressively market unrelated products to 401(k) participants, telling a federal judge in Texas that the lawsuit by Shell Oil Co. 401(k) investors depends on an “unprecedented legal theory.”

A 401(k) plan participant’s personal data isn’t an “asset” of the plan that’s protected by the Employee Retirement Income Security Act, Fidelity said in a motion to dismiss filed Monday. As a result, Fidelity can’t be held liable under the statute for its alleged use of this data, the financial service company and 401(k) provider said.

“There is ...