A new claim against Fidelity Management Trust Company allegesfiduciaries imprudently mismanaged a stable value fund, resultingin more than $3 billion in depreciation to the fund between 2009and 2014, causing losses to 401(k) participants’ retirementsavings.
"We believe that the claims in this case are without merit andwe intend to defend it vigorously,” said a Fidelity spokesperson ina statement.
Much of that depreciation resulted as participants pulled assetsfrom the Fidelity Group Employee Benefit Plan Managed IncomePortfolio Commingled Pool, or MIP, in the face of consistently poorreturns, according to court documents.
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