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Summary of the Investigation
Cohen Milstein Sellers & Toll PLLC is investigating Fidelity Investments’ 401(k) retirement savings plan, the “FMR LLC Profit Sharing Plan.” The investigation pertains to whether or not Fidelity violated federal law by limiting the fund options in the 401(k) plan to almost exclusively Fidelity affiliated funds, failing to offer the lowest cost versions of those funds, and failing to include or consider funds from other companies that offered lower fees and better performance.
Under the Employee Retirement Income Security Act of 1974 (“ERISA”), the federal law that sets minimum standards for retirement plans (including Fidelity’s 401(k) Plan), persons or entities who exercise discretionary control or authority over plan management or plan assets are required to act in the best interest of the plan’s participants when making investment decisions concerning employees’ retirement savings in the company plan. Cohen Milstein is investigating whether Fidelity failed to select or retain 401(k) Plan investments that were in the best interests of participants and instead chose and retained the investments that most benefited Fidelity’s bottom-line. The investigation also concerns whether the funds available in Fidelity’s 401(k) Plan caused employees to pay excess fees and whether the chosen funds underperformed compared to other available comparable funds.
Contact for More Information
If you are or were a participant in the Fidelity 401(k) Plan at any time from November 18, 2014 through the present, you may be affected by this investigation. If you are interested in learning more about the investigation, or if you have information that might assist us, please contact Maria Dewees, Paralegal via email: email@example.com or by mail or telephone:
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W., Fifth Floor
Washington, D.C. 20005
Telephone: 888-240-0775 (Toll Free) or 202-408-4600
You can also complete the form found here and a member of our team will contact you.