3rd Circuit: Challenges To 401(k) Plan Service Provider's Fees Fail

3rd Circuit: Challenges To 401(k) Plan Service Provider's Fees Fail

PHILADELPHIA - A service provider did not breach its fiduciary duties or engage in prohibited transactions in violation of the Employee Retirement Income Security Act by allegedly charging excessive fees for reviewing domestic relations orders (DROs) because it was not an ERISA fiduciary when it negotiated its fee, the Third Circuit U.S. Court of Appeals affirmed July 29 in an unpublished opinion (Nicholas Danza v. Fidelity Management Trust Company, et al., No. 12-3497, 3rd Cir.; 2013 U.S. App. LEXIS 15751).

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