{"id":5793,"date":"2015-04-13T00:00:00","date_gmt":"2015-04-13T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/04\/plaintiffs_appeal_federal_cour"},"modified":"2022-05-06T15:16:46","modified_gmt":"2022-05-06T20:16:46","slug":"plaintiffs-appeal-federal-cour","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/plaintiffs-appeal-federal-cour\/","title":{"rendered":"Plaintiffs Appeal Federal Court\u2019s Ruling Dismissing Their 401(K) Lawsuit Against Fidelity"},"content":{"rendered":"

A notice of appeal was submitted with the 1st U.S. Circuit Court of Appeals by plaintiffs seeking to overturn a ruling by a federal district court dismissing their 401(K) case against Fidelity Investments. The case is In Re Fidelity ERISA Float Litigation<\/em>.<\/p>\n

According to the plaintiffs, who are participants in a number of defined contribution plans, as record keeper for several of the plan, the financial firm breached its fiduciary duty when managing the plans\u2019 float income. This is the money made from interest-bearing accounts that 401k) plans use temporarily before plan assets are disbursed and participants move their funds among different investment choices.<\/p>\n

The plan participants believe that Fidelity used the float income to cover administrative and record-keeping costs, which was not part of their agreement with the firm in terms of the fees they were supposed to pay it. However, U.S. District Judge Denise Casper dismissed their complaint last month, finding that the plaintiffs did not plausibly allege that \u201cfloat income is a plan asset.\u201d Casper noted that she did not consider Fidelity an ERISA fiduciary in relation to float. Now, however, the plaintiffs\u2019 lawyers are disagreeing with Casper\u2019s ruling.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

A notice of appeal was submitted with the 1st U.S. Circuit Court of Appeals by plaintiffs seeking to overturn a ruling by a federal district court dismissing their 401(K) case against Fidelity Investments. The case is In Re Fidelity ERISA Float Litigation. According to the plaintiffs, who are participants in a number of defined contribution […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752],"tags":[2878],"class_list":["post-5793","post","type-post","status-publish","format-standard","hentry","category-financial-firms","tag-fidelity"],"yoast_head":"\nPlaintiffs Appeal Federal Court\u2019s Ruling Dismissing Their 401(K) Lawsuit Against Fidelity — Investor Lawyers Blog — April 13, 2015<\/title>\n<meta name=\"description\" content=\"A notice of appeal was submitted with the 1st U.S. Circuit Court of Appeals by plaintiffs seeking to overturn a ruling by a federal district court — April 13, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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