Fidelity Investments EMPLOYEES are suing FIDELITY for breach of fiduciary duty by repeatedly adding "high-fee, actively-managed Fidelity mutual funds" with "little or no track record" to the Fidelity 401(k) plan. Do I really need to explain how funny this is?
The lead plaintiff and former employee, Lori Bilewicz, invested in the Fidelity Freedom 2040 fund within the Fidelity 401(k). The class-action complaint by 26 current and former employees relates closely to my most popular blog post of all time from 2/15/2012: Fidelity Freedom Funds Aren't "Free" But Are "Dumb". I would suppose any 401(k) plan using the Fidelity Freedom Funds will be interested in the outcome of this lawsuit.
You can find more information about the lawsuit by clicking here.
You can read the actual lawsuit complaint by clicking here.