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LinkedIn Joins List of Plan Sponsors Targeted in Stream of Excessive Fee Suits
PLANSPONSOR; free registration may be required 
Aug. 19, 2020 "As in other excessive fee lawsuits, the use of the Fidelity Freedom Funds target-date fund (TDF) series is called out in the LinkedIn case. However, it is not just for the use of the actively managed version of the TDF suite rather than the index version, as has been the case in other lawsuits, it is also for not offering the CIT version offered by Fidelity. Notably, the complaint says LinkedIn changed the TDFs offered in the plan from Fidelity Freedom K funds to FIAM Blend Target Date Q Funds at some point in late 2018 or early 2019, but the plaintiffs says this was 'too little too late' and say the change 'should have been done much sooner.' " [Bailey v. LinkedIn Corp., No. 20-5704 (N.D. Cal. complaint filed Aug. 14, 2020)] |
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