Participants in a Shell Oil Co. 401(k) plan sued the company and plan fiduciaries alleging multiple violations of their fiduciary duties for selecting investment options, monitoring the plan, setting fees and dealing with the plan’s record keeper.
The participants also sued the record keeper, Fidelity Investments, plus its parent company, FMR LLC, and several other Fidelity units, claiming that Fidelity also violated guidelines outlined in the Employee Income Retirement Security Act. They accused Fidelity of exploiting its role as a record keeper to cross-sell products to participants that weren’t part of the Shell DC plan.