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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

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

401(k) Stories

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.




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Related Moves

April 2, 2024 at 1:28 AM

Joanna Rotenberg is departing Fidelity Investments after only two years, writing that she traveled 20,000 miles and successfully split her retail division into wealth and brokerage units

At her hire, analysts were adamant the head of Fidelity retail had 'big shoes to fill' to replace legendary Kathleen Murphy and her task of 'digitiizing' retail was no small ask

December 16, 2023 at 2:22 AM

Biz Briefs: The sorry scene at my local First Republic branch • Schwab launches new (smaller) lay-off round • Schwab hoovers pennies passing FINRA fee to clients • Gensler pleas for funds • Fidelity owner's private equity pres. retires • an Orion-Envestnet staff switcheroo • LPL dumps FutureAdvisor

Range Rovers screeched in and drivers joined a grim queue to get their cash, and cookie • The Schwab-TDA deal cull count now stands at roughly 3.5% of its staff • FMR's hockey star president has stepped down • SEC chief wants more enforcers • An Envestnet executive proves joining a rival is good business • LPL now has an in-house robot.

April 29, 2023 at 1:36 AM

Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees

The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors

February 17, 2023 at 2:49 AM

See more related moves

Mentioned in this article:

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

Retirement Law Group, PC

Top Executive: Jason C. Roberts

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