Benefits & Executive Compensation News

Fidelity Workers’ 401(k) Class Action Takes Rare Turn (2)

Oct. 9, 2019, 3:48 PMUpdated: Oct. 9, 2019, 9:38 PM

A class action targeting the affiliated mutual funds in Fidelity Investments’ 401(k) plan will be tried before a federal judge in Massachusetts with assistance from an advisory jury, an unusual decision that could work against the company.

Judge William G. Young of the U.S. District for the District of Massachusetts said it’s a “close call” whether the 401(k) participants have a right to trial by jury in this case. He ultimately concluded that they didn’t, but said he’d tap an advisory jury to hear the case because of the “vital role” they play in our democracy.

Advisory juries hear evidence...

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