IMPORTANT UPDATE!
The settlement administrator will begin distributing settlement checks to class members on May 18, 2015.

IMPORTANT NEWS
IMPORTANT ANNOUNCEMENT REGARDING SETTLEMENT DISTRIBUTION

The initial data set supplied to the settlement administrator did not contain sufficient information for the settlement administrator to issue checks to class members consistent with the Internal Revenue Code. We sought and obtained court approval to gather the additional information. As soon as that process is complete, the settlement administrator can complete the distribution process. We anticipate that the process will be completed within ninety days. Select the link below to read a copy of the judge's order.
Order on Modifying Distribution Schedule


10/16/2014 ORDER entered. JUDGMENT Approving Settlement of Class Actions

This lawsuit is brought as a class action on behalf of current and former employees of Fidelity. The plaintiff, Ms. Bilewicz, is a former Fidelity employee. The FMR LLC Profit Sharing Plan, Fidelity's own 401(k) plan for its own employees, invests exclusively in Fidelity investment funds. Fidelity and certain of its officers are responsible for selecting, evaluating, monitoring and removing investment options in the Fidelity 401(k) plan. Ms. Bilewicz claims that instead of acting in the best interests of the Fidelity 401(k) plan and Fidelity employees who participated in the plan, Fidelity and certain of its officers chose high-fee Fidelity mutual fund products to benefit Fidelity. The evidence in the complaint indicates that Fidelity repeatedly added funds to the plan with little or no track record, the plan's fees are very high for a multi-billion dollar plan, and Fidelity has failed to follow sound fiduciary practices for multi-billion dollar plans.

The complaint was filed on March 19, 2013 in the United States District Court in Boston, Massachusetts. The plaintiffs are seeking to make this a class action. A list of the lawyers and law firms involved in the case appears on this page. You can read a copy of the complaint by selecting the link below.

Complaint link to PDF file.

The parties have settled the lawsuit and filed a motion with the Court to approve the settlement. You can read copies of the settlement agreement and motion documents by selecting the links below.

Link to settlement agreement
Link to motion for settlement approval
Link to memorandum in support of motion
Link to declaration of Gregory Y. Porter
Link to proposed order
Court order preliminary approving settlement

On August 21, 2014, the Plaintiffs filed a motion for final approval of the settlement and a motion for attorneys' fees. A Fairness Hearing on the motions will be held on October 14, 2014 at the federal courthouse in Boston, Massachusetts. You can review the filings below.

Memorandum in Support of Final Approval
Memorandum in Support of Motion for Attorneys' Fees
Declaration of Gregory Y. Porter
Declaration of Peter Mougey
Declaration of Mark Johnson
Declaration of Joseph Peiffer

If you would like additional information or have questions about the case, please complete the form below.

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