Benefits & Executive Compensation News

Fidelity Workers Want Jury Trial as Firm Fights 401(k) Fee Suit

Oct. 22, 2018, 3:08 PM

Participants in FMR LLC’s 401(k) plan are urging a federal judge in Massachusetts to allow a jury to decide whether the investment firm mismanaged their retirement savings.

The workers’ request for a jury trial, filed Oct. 19, is the latest in an Employee Retirement Income Security Act challenge against employers over how they manage their 401(k) plans.

Earlier this month FMR—the parent company of Fidelity Investments—was sued for allegedly allowing high fee affiliated funds in its $15 billion retirement plan.

Jury trials in ERISA cases are uncommon and requests for them are usually denied, but in recent months there has...

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