Skip to Main Content

Fidelity Investments

Moitoso v. FMR LLC, et al.
Case No. 1:18-cv-12122 (D. Mass.)

On October 10, 2018, we filed a lawsuit against Fidelity Investments related to its management of the Fidelity Retirement Savings Plan (the “Plan”).  The suit is brought on behalf of certain former employees of Fidelity who continued to participate in the Plan after their employment ended, and alleges that the Plan’s fiduciaries violated the Employee Retirement Income Security Act (ERISA) by managing the plan in a manner that favored current employees at the expense of former employees, and by promoting Fidelity’s proprietary investment products and company business interests over the interests of class members. 

The lawsuit seeks to recover losses suffered by former employees who participated in the Plan and to obtain other appropriate relief under ERISA.  For a copy of the most recent version of the complaint, click here.

Type of Case

ERISA Violations


Additional Information

What Is A Class Action?

In a class action lawsuit, one or more people, called the “class representatives,” sue on behalf of themselves and other people who have similar claims. Together, this group of people is called a “class” or “class members.” The class representative and the class members together are called the “Plaintiffs.” The companies they sue are called the “Defendants.” The judge or jury resolves the claims for everyone in the class—except those who ask to be excluded from the lawsuit.

Who is Included?

The lawsuit is being brought on behalf of all participants and beneficiaries of the Fidelity Retirement Savings Plan at any time on or after October 16, 2014. Excluded from this class are Defendants, their directors, and any employees with responsibility for the Plan’s investment or administrative function.

How Long Will This Case Take?

Class actions can often take years.  Please check this page periodically for updates on the case’s status.

How Can I Help?

As part of our investigatory efforts, we are interested in speaking with others who believe they have been shortchanged within their retirement plan.

You may contact us toll free at 1-877-448-0492, write to us at Nichols Kaster, PLLP, 4600 IDS Center, 80 South Eighth Street, Minneapolis, MN 55402, or email our Class Action Clerk, Sean Kelly, at

Case Updates

  • April 1, 2020

    Fidelity Liable for Breaching Fiduciary Duties in Employees’ 401(k) Plan

    On March 27, 2020, the Court ruled in favor of a class of former Fidelity employees represented by Nichols Kaster, finding that Fidelity breached its fiduciary duties under the Employee Retirement Income Security Act (ERISA) by failing to monitor the proprietary mutual funds included in Fidelity’s 401(k) Plan investment menu and failing to monitor the Plan’s recordkeeping expenses. The case will now proceed to a trial on damages to determine the amount of harm caused by Fidelity’s breaches. The case is Moitoso et al. v. FMR LLC et al., Case No. 1:18-cv-12122-WGY and is filed in the United States District Court for the District of Massachusetts.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established. Read full Disclaimer.