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Text of Third Circuit Opinion Affirming Dismissal of Suit Alleging Fidelity Charged Excessive Fees (PDF)
U.S. Court of Appeals for the Third Circuit Link to more items from this source
Aug. 5, 2013
"Fidelity was a fiduciary only for purposes of administering the plan, not for purposes of negotiating or collecting its compensation. At the time of the disbursement, the fee structure was set and Fidelity lacked discretion to change it. What differentiates this case from cases in which we have held that Section 406(b) applied is the fact that Fidelity, at the time it collected the fee, had no actual control or discretion over the transaction at issue -- the price of the previously bargained-for fees." [Danza v. Fidelity, No. 12-3497 (3d Cir. July 29, 2013)]

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