Diebold v. Northern Trust Investments, a case brought on behalf of a class of approximately 1,500 ERISA plans alleging that an ERISA fiduciary violated its fiduciary duty by making imprudent investment decisions and charging excessive fees in connection with its securities lending programs. The parties in the case have recently agreed to a settlement, which will be presented to the court for approval.
In re Fidelity ERISA Float Litigation, a case involving claims brought by participants in various ERISA plans administered by Fidelity, on behalf of those plans, alleging that Fidelity violated ERISA by improperly using “float” income received as interest on plan assets to pay itself fees and failing to crediting the amount of that float income to the plans or their participants.
Bilewicz, et al. v. FMR, LLC, et al., a case involving claims brought by participants in the Fidelity Investments’ Profit Sharing Plan, on behalf of that plan, against the plan sponsor and Investment Committee. The plaintiffs allege that the defendants breached of their duties of loyalty and engaged in prohibited transactions in violation of ERISA by causing the Plan to invest exclusively in Fidelity Funds and improperly using the plan to seed certain Fidelity Funds.