Stable Value Fund By Fidelity Targeted In New ERISA Class Complaint
Mealey's (December 18, 2015, 8:59 AM EST) -- BOSTON — Fidelity Management Trust Co. engaged in an “imprudent investment strategy” and then concealed its losses from investors by selectively reporting benchmark data, a purported class of plaintiffs alleged in a Dec. 11 complaint filed in Massachusetts federal court (James Ellis et al. v. Fidelity Management Trust Company, No. 15-14128, D. Mass.).
(Complaint available. Document #54-160113-005C.)
According to named plaintiffs James Ellis and William Perry, by providing investors with a “money market” benchmark instead of a value fund benchmark, Fidelity made the returns on the...