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Court Finds Investment Platform Provider Was Not Acting as a Fiduciary When Collecting Access Fees from Mutual Funds
Thomson Reuters / EBIALink to more items from this source
Mar. 25, 2021

"Because functional fiduciary status is determined by the facts and circumstances, however, providers must be careful about structuring and documenting their arrangements.... [A] platform provider's fund selection decisions might make it a fiduciary if other fiduciaries do not retain final authority regarding the investment options available to participants." [In re Fidelity ERISA Fee Litigation, Wong v. FMR LLC, No. 20-1286 (1st Cir. Mar. 5, 2021)]

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