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Plaintiffs in Excessive Fee Suit Overcome Hurdles to Move the Case Forward
PLANSPONSOR; free registration may be requiredLink to more items from this source
Aug. 4, 2021

"Most of the plaintiffs' claims ... concerned the active suite of the Fidelity Freedom target-date funds (TDFs), which was the plan's qualified default investment alternative (QDIA). The lawsuit alleges that the active suite consistently underperformed the benchmark index suite of the Fidelity Freedom Funds, while charging much higher management fees, resulting in much higher expense ratios than comparable funds." [In re Omnicom ERISA Litigation, No. 20-4141 (S.D.N.Y. Aug. 2, 2021)]

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