Fidelity to Pay $12 Million to Settle 401(k) Suits

Employees alleged fund companys own 401(k) charged excessive fees.

By Treasury & By Risk | August 13, 2014 at 11:16 AM

Fidelity Investments has agreed to pay $12 million to settle two lawsuits brought by its own employees that alleged the mutual fund giant charged excessive fees in the company's own 401(k) plans.

It admitted no wrongdoing in settling the cases, Bilewicz v. FMR LLC and Yeaw v. FMR LLC.

Filed in March of 2013 in U.S. District Court in Boston, one of the suits claimed that Fidelity chose only high-fee fund options, exclusively from the Fidelity family of funds, for its 401(k) menu.

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