The lawsuit accuses Fidelity of requiring "secret" payments from funds to make up for declining amounts of revenue sharing payments received by the firm as a result of the increasing use of passive mutual funds, institutional and R6 share classes of mutual funds and collective trusts.
A participant in the T-Mobile USA, Inc. 401(k) Retirement Savings Plan and Trust has sued FMR (Fidelity) and several of its affiliates claiming the firm engaged in prohibited transactions by charging a “secret” fee for mutual funds and engaging in self-dealing.
The parties in an excessive fee lawsuit filed against the committee that oversees the Anthem 401(k) plan have reached a settlement agreement.
A February 19 docket entry in the case of Bell v. Anthem says, “The parties have reached a resolution subject to class approval.” The judge ordered that on or before March 15, 2019, the parties are to file a motion for preliminary approval of class settlement. Details of the settlement will be available then.
In the complaint, it is alleged that plan fiduciaries allowed unreasonable expenses to be charged to participants f...