In the Margins

401(k) participants sue Fidelity, claiming fiduciary breaches

May 31, 2016

By InvestmentNews

Participants in a Delta Air Lines Inc. 401(k) plan have sued units of Fidelity Investments, alleging fiduciary breaches in Fidelity's recordkeeping role. The case, Fleming et al. vs. Fidelity Management Trust Co. et al., was filed May 20 in the U.S. District Court in Boston. The participants allege that Fidelity “wanted a piece of the action” when Financial Engines was hired to provide investment advice for the Delta Family-Care Savings Plan, according to the complaint. Read the original story from InvestmentNews.

 

 

Most Read

Top of the Agenda - Governance
Fund industry 'pioneer' Dorothy Berry dies

Long-serving independent director Dorothy Berry has died at 75. She was independent chair of Professionally Managed Portfolios and an independent director of PNC Funds who served ...

Top of the Agenda - Succession
Donohue joins two BNY Mellon Funds board groups

Andrew "Buddy" Donohue has joined two of the five BNY Mellon (formerly Dreyfus) mutual fund board groups led by long-serving independent Chairman Joseph DiMartino. Donohue resigned ...