Fidelity Says It Fully Discloses Fund Fees in 401(k) Plans (1)

Fidelity Investments says it fully discloses fees that it charges some mutual funds for using the firm’s platform to access retirement plan customers.

The fees and disclosure of them are being probed by the U.S. Labor Department, the Wall Street Journal said Feb. 27. They’re also the centerpiece of a Feb. 21 lawsuit against Fidelity by an investor in T-Mobile USA Inc.’s 401(k) plan. It claims the firm conceals so-called infrastructure fees.

“The infrastructure fee has been fully disclosed to 401(k) plans and their sponsors via a disclosure that Fidelity sent to over 20,000 401(k) plans,” Fidelity spokesman Vincent Loporchio ...