ERISA Plan Participants To 1st Circuit: Fidelity Is Functional Fiduciary

Mealey's (September 9, 2020, 11:08 AM EDT) -- BOSTON — Participants in 401(k) plans that contracted with Fidelity to be the plans' service provider told the First Circuit U.S. Court of Appeals on Sept. 4 that a federal judge in Massachusetts erred in holding that Fidelity entities do not qualify as fiduciaries under the Employee Retirement Income Security Act and in dismissing their claims that Fidelity violated ERISA's fiduciary duty and prohibited transaction provisions by receiving infrastructure fees from third-party mutual funds (In re: Fidelity ERISA Fee Litigation [Andre W. Wong, et al. v. FMR LLC, et al.], No. 20-1286, 1st Cir.)....