News, Vision & Voice for the Advisory Community


Fidelity Investments wins huge in the 'biggest 401(k) case in decades' -- but bearing battle scars

Boston 401(k) giant is able to reverse prior judgement related to fees in landmark Tussey v. ABB

Thursday, March 20, 2014 – 7:07 AM by Lisa Shidler
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Thomas Clark: There's no liability for Fidelity, but it just doesn't look good for them.

Related Moves

Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores

The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges

January 23, 2021 – 2:02 AM

Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift

Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.

March 13, 2020 – 10:36 PM

TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor

The CEO broke the TD promise never to compete with RIAs, took it back and got sent packing

July 23, 2019 – 4:30 AM

Capital Group miraculously recovered after deep 2008 dive but RIA help may get No. 2 American Funds through the next downturn under new CEO

Matthew O’Connor takes the CEO helm of the giant LA-based active manager from Kevin Clifford with conviction not to jam the rudder hard but to be open to new markets

November 2, 2018 – 9:26 PM

Mentioned in this article:

Pension Resource Institute, LLC
Compliance Expert
Top Executive: Jason C. Roberts

Retirement Law Group, PC

Top Executive: Jason C. Roberts

Stephen Winks

Stephen Winks

March 20, 2014 — 7:49 PM

Institutionalized inefficiencies of a brokerage format will increasingly be successfully challenged in court which establishes the value of an advisor acting in a fiduciary capacity in the consumer’s best interest.

The ABB/Fidelity suit is just the tip of the litigation iceberg in which the brokerage industry will be forced to reconcile its suitability standard in the broker/dealer’s best interest and a fiduciary standard in the consumer’s best interest.

The bitter pill to be swallowed is that of the brokerage industry which has thwarted modernity and innovation in portfolio construction required by statute to serve the best interest of the investing public.




June 26, 2014 — 11:13 AM

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