Federal Judge Approves $12 Million Retirement Plan Class Action Settlement Against Fidelity Investments

Summary:

Federal Judge Approves $12 Million Retirement Plan Class Action Settlement Against Fidelity Investments–Bailey & Glasser partner Gregory Y. Porter of the firm’s Washington, D.C. office argued successfully that theĀ  Judge Denise Casper of the Boston Federal Court should approve the $12 million cash payment and valuable changes to the Fidelity 401(k). Link to order.

Detail:

Federal Judge Approves $12 Million Retirement Plan Class Action Settlement Against Fidelity Investments–Bailey & Glasser partner Gregory Y. Porter of the firm’s Washington, D.C. office won a motion for final approval of a large class action against Fidelity Investments. The class consists of over 97,000 current and former employees of Fidelity who invested in Fidelity’s 401(k) plan. Judge Denise Casper of the Boston Federal Court approve the settlement shortly after Porter argued the motion for final approval. The settlement consists of a $12 million cash payment and valuable changes to the Fidelity 401(k) plan. (link to attached order). In approving the settlement, Judge Casper said that the “Settlement is, in all respects, fair, reasonable, and adequate.” Link to order.

Earlier this year, Porter obtained a $10 million recovery from State Street Bank and Trust Company on behalf of a class of hundreds of retirement plans. Porter represents both retirement plans and employees in complex retirement and investment class actions.

Link to Judgment.
Link to Settlement Agreement.

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