"Plaintiffs did not claim a personal stake in the float; indeed the Court noted that plaintiffs were not 'short so much as a penny' and had 'no direct stake in the plan assets.' Rather, plaintiffs alleged that by returning the float, which they claim was a plan asset, to the mutual fund and not to the 401(k) plan, Fidelity breached its ERISA fiduciary duties.... The Court held that because the cash payout from the redemption does not go to, and was never intended to, the plan it did not become an asset of the plan upon the exchange." [Kelley v. Fidelity Management Trust Co., No. 15-1445 (1st Cir. July 13, 2016)]  MORE >>