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Fidelity Sued Anew Over 401(k) Fees, Investment Strategy
Bloomberg BNA Link to more items from this source
Dec. 16, 2015
"According to the complaint, Fidelity responded to losses incurred during the 2008 financial crisis by adopting an overly conservative investment strategy meant to appease the company's 'wrap providers' -- which include AIG Financial Products, JP Morgan Chase Bank and State Street Bank -- at the expense of the workers investing in one of Fidelity's stable value funds. Fidelity then attempted to conceal these missteps by reporting a misleading benchmark that made the fund look more competitive than it actually was, the complaint alleged. Fidelity also charged excessive fees in connection with the fund and allowed its big-bank wrap providers to more than double their fees, the complaint alleged."

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