Employee Retirement Plan Sponsors or Administrators
Investigation and pending class action lawsuit against Fidelity Management Trust Company brought on behalf of all trustees, sponsors and administrators of employee benefit plans (the "Plans") for which Fidelity Management Trust Company has served as a trustee.
The class action complaint alleges that Fidelity breached its fiduciary duties to employee benefit plans by charging excessive fees for its services and engaging in prohibited transactions. Specifically, the class action complaint alleges that the Plans paid investment fees to third party mutual funds chosen by Fidelity, that Fidelity received kickbacks from those mutual funds from the investment fees, and that Fidelity kept those kickbacks for its own benefit rather than crediting the money received to the Plans.
Name (Stock Symbol)
Fidelity Investments is an international provider of financial services and investment resources for individuals and institutions. Fidelity Investments is best known for its family of mutual funds.
Fidelity Management Trust Company
Fidelity Management Trust Company provides trust services including valuation and accounting services for employee benefit plans.
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