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Text of Federal District Court Opinion: Discretion to Set Fees Confers Fiduciary Status and Potential Liability for Breach (PDF)
U.S. District Court for the District of Massachusetts 
May 21, 2014
"MassMutual had the discretion to unilaterally set fees up to a maximum and exercised that discretion. MassMutual asserts that its compensation may come from any combination of three sources: (a) fees charged to plan participants, (b) direct payments from the plan sponsor, or (c) revenue sharing payments from mutual funds.... A reasonable fact-finder could determine that MassMutual functions as an ERISA functional fiduciary under subsection (i) to the extent it determines its own compensation, takes fees out of the separate accounts, and has the discretion to offset some or all of the RSPs against management fees as its compensation." [Golden Star, Inc. v. MassMutual Life Insurance Co., No. 3:11-30235-PBS (D. Mass. May 20, 2014)]
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