{"id":6618,"date":"2018-10-17T19:14:44","date_gmt":"2018-10-17T19:14:44","guid":{"rendered":"http:\/\/www.investorlawyers.com\/?p=6618"},"modified":"2018-10-17T19:14:44","modified_gmt":"2018-10-17T19:14:44","slug":"fidelity-is-sued-over-alleged-retirement-plan-mismanagement-again","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/fidelity-is-sued-over-alleged-retirement-plan-mismanagement-again\/","title":{"rendered":"Fidelity is Sued Over Alleged Retirement Plan Mismanagement Again"},"content":{"rendered":"

\t\t\t\tNearly years after settling two 401K lawsuits for $12 million, participants in Fidelity Investments’ retirement plan are once more suing the firm. The plaintiffs allege that self-dealing<\/a> cost them money while allowing the financial firm and a number of its affiliated entities to turn a profit.<\/p>\n

According to the complaint in Moitoso et al v. FMR LLC et al<\/em>, Fidelity breached its fiduciary obligation to plan participants by including too many proprietary mutual funds in its $15B 401(K) plan. The plaintiffs claim that compared to 2014 and 2015, there was an increase in in-house funds in the 401(k) plan in 2016: 234 proprietary mutual funds with no non-proprietary funds in the plan, whatsoever.<\/p>\n

Fidelity is accused of choosing proprietary investment products to promote its own interests even if they may not have been suitable for plan participants. As a result, contend plaintiffs, compared to the typical 401(k) plan, plan participants have lost $100M more annually because of poor performance and costly fund fees.<\/h4>\n
Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Nearly years after settling two 401K lawsuits for $12 million, participants in Fidelity Investments’ retirement plan are once more suing the firm. The plaintiffs allege that self-dealing cost them money while allowing the financial firm and a number of its affiliated entities to turn a profit. According to the complaint in Moitoso et al v. 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