Fidelity Says It Fully Discloses Fund Fees in 401(k) Plans
- Labor Department is investigating the expense, WSJ reports
- Fidelity says fee compensates firm for certain costs it incurs
Photographer: Victor J. Blue/Bloomberg
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Fidelity Investments says it fully discloses fees that it charges some mutual funds for using the firm’s platform to access retirement plan customers.
The fees and disclosure of them are being probed by the U.S. Labor Department, the Wall Street Journal said Wednesday. They’re also the centerpiece of a Feb. 21 lawsuit against Fidelity by an investor in T-Mobile USA Inc.’s 401(k) plan. It claims the firm conceals so-called infrastructure fees.