Fidelity wins data as plan asset case
By EsqSocial Corporation 25/05/21
Fidelity won a huge case. Schlichter, Bogard & Denton brought a lawsuit on behalf of four participants in Shell Oil Co.’s 401(k) plan. While the case focused on excessive fees, it alleged that the use of participant data by Fidelity, the recordkeeper to solicit non-plan-related services was wrong. The complaint alleged that Shell and Fidelity caused the Plan to engage in transactions that constituted a plan asset....
By: Ary Rosenbaum