Shell, Fidelity Sued Over 401(k) Fees, Handling of Investor Data

Four participants in Shell Oil Co.'s $10.5 billion 401(k) plan filed a proposed class action in the Southern District of Texas challenging the company’s retirement plan fees and its handling of confidential participant data.

Shell is accused of failing to rein in the plan’s administrative expenses and failing to monitor and remove poorly performing investment options. It’s also accused of allowing the plan’s record keeper, Fidelity Investments Institutional Operations Co., to use participants’ confidential data for improper purposes.

“Shell Defendants allowed the Fidelity Defendants to use Plan participants’ highly confidential data, including social security numbers, financial assets, investment choices, and ...