Here are a few recent / notable Fidelity-related class-action developments that have been reported (the term “Fidelity” can refer to different companies, so I’m listing the most clearly documented cases):
1) Fidelity beats lawsuit over fees (money market fund)
A Reuters report says Fidelity beat a lawsuit over fees tied to a $439 billion money market fund.[10]
2) Fidelity data-breach class action (filed in federal court)
A separate report describes a data-breach class action alleging Fidelity (FMR LLC) failed to adequately protect its computer network, with claims that customer data was compromised, and it seeks to represent a nationwide class.[3]
3) ERISA/401(k) retirement-plan-related class litigation (older, but still shows up in “latest” coverage)
There has also been ongoing and earlier litigation around fiduciary/retirement-plan practices and fees, including reporting that Fidelity agreed to class status in a suit challenging 401(k) fees / use of affiliated funds.[5]
Quick question (so I can pull the right “latest” story)
When you say “Fidelity class action lawsuit,” do you mean:
- Fidelity Investments (401(k)/fees or data breach), or
- Fidelity & Guaranty Life Insurance (an older false-advertising matter), or
- something else (e.g., a specific stock ticker or court)?
Reply with which one (or any detail like “data breach” / “401(k) fees” / “money market fund”), and I’ll narrow to the most relevant latest updates.
Sources
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Fidelity National Information Servic...
www.businesswire.comA class action alleges Fidelity and several related entities failed to manage a plan with $15 billion in assets with “the care, skill, or diligence” one would expect given the size of the plan.
www.classaction.orgFMR LLC, the parent company of Fidelity Investments, agreed May 2 to class certification of a suit challenging the use of in-house mutual funds in the company’s 401(k) plan.
news.bloomberglaw.comFidelity Investments failed to adequately protect its computer network during a “massive and preventable” data breach in August, a new class action lawsuit alleges.
topclassactions.comAccording to the complaint, which seeks class action status, the plan in question has nearly 37,000 participants with account balances and assets totaling nearly $2.8 billion. The plaintiffs specifically seek a declaratory judgment that an ERISA violation occurred, a permanent injunction prohibiting the practices described in the suit, and other forms of relief for further losses and/or compensatory damages. Like the many other ERISA suits filed in recent years, the plaintiffs also seek to...
www.planadviser.comFor its part, Fidelity asserts as an affirmative defense that all of the plaintiffs’ charges are not only barred by a prior court-approved class action settlement but are also time-barred. Additionally, Fidelity argues that it has not violated any fiduciary duties as matter of law, and that any underperformance experienced by the plan is not the result of imprudence or disloyalty.
www.planadviser.comThe Law Offices of Frank R. Cruz reminds investors of the upcoming May 5, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf o...
www.businesswire.comA false advertising class action settlement against Fidelity & Guaranty Life Insurance company was given final approval by a California judge.
topclassactions.com