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Fidelity Retirement Savings Plan Litigation

On October 10, 2018, a lawsuit was filed in the United States District Court for the District of Massachusetts alleging that Fidelity Investments and certain related parties (“Fidelity”) violated the federal Employee Retirement Income Security Act (“ERISA”) in their management of Fidelity’s employee retirement plan, the Fidelity Retirement Savings Plan

The case is captioned Moitoso et al v FMR LLC et al, Case No.1:18-cv-12122-WGY.  The case has been assigned to Judge William G. Young.  A court-stamped copy of the Complaint can be accessed here.   

The lawsuit alleges that Fidelity breached its fiduciary duties of loyalty and prudence imposed by ERISA by limiting the 401(k) menu exclusively to proprietary Fidelity investment products, and that as a result of these fiduciary breaches, employees suffered losses due to the excessive fees and poor performance associated with those proprietary investment options.

The three class representatives in this potential class action are former employees of Fidelity who participated in the Fidelity Retirement Savings Plan.  Plaintiffs’ counsel in this matter is potentially interested in adding additional class representatives.

If you are a current or former employee of Fidelity Investments or its subsidiaries, and  currently have money invested in the Fidelity Retirement Savings Planwe would be interested in discussing your potential claims, whether you are eligible to act as a class representative in this matter, and what that would entailTo discuss the possibility of acting as a class representative, or to share information that you might have regarding Fidelity’s management of its 401(k) plan, please email us, or contact Sean Kelly, our class action clerk, at (612) 256-3275.

For more information about our ERISA practice group, click here. You can also find information about some of our current and prior ERISA cases against other financial services companies by clicking on one of the links below:

American Airlines/American Beacon

American Century Investments

BB&T Corporation

M&T Bank Corporation

Putnam Investments 

Prior results do not guarantee a similar outcome. The Fidelity lawsuit is being handled by attorneys Paul J. Lukas, Esq.Kai H. Richter, Esq.Brock T. Specht, Esq., Carl F. Engstrom, Esq., and Mark E. Thomson, Esq. of Nichols Kaster, PLLP, 4600 IDS Center, 80 South 8th Street, Minneapolis, MN  55402. Though these attorneys are located in Minnesota, they handle cases in jurisdictions across the country.

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