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Fidelity’s $28.5 Million 401(k) Settlement Clears Final Hurdle

Jan. 25, 2021, 3:33 PM

Fidelity Investments received final approval for a $28.5 million class settlement with participants in its 401(k) plan who claimed the firm used the plan’s investment menu to enrich itself, according to a ruling by a federal judge in Boston.

The settlement, expected to benefit about 41,000 participants and beneficiaries in Fidelity’s 401(k) plan, resolves a lawsuit accusing Fidelity of filling the $17 billion plan exclusively with Fidelity-affiliated investments that earned fees for the company. Judge William G. Young of the U.S. District Court for the District of Massachusetts signed the final approval order Jan. 22, nearly one year after he ...