For these well-known financial companies, their proprietary funds really mean “Cooking so good, we sell it to clients, but not eat it ourselves! Irony is good food almost anywhere you find it, unless of course, you’re forced to eat your own. After Ameriprise Financial Advisors successfully sued Ameriprise over their dog food funds in their 401k, employees of Fidelity and Massmutual file their own “hypocrisy lawsuits”.
MassMutual employees filed suit against their employer because 37 of the 38 funds in their 401k are MassMutual proprietary funds.
$15 million in fees! Fidelity advisors/employees suit alleges that the company failed to act in the plan participants best interest by only providing Fidelity funds, and plan fees should have been $550,000 rather than $15 million.
Makes you think twice about eating at these restaurants.
http://archive.recapthelaw.org/mad/150173/
http://www.investmentnews.com/article/20130909/FREE/130909920
http://blog.fraplantools.com/new-excessive-fee-case-filed-by-massmutual-employees/
http://www.benefitspro.com/2014/01/10/fidelity-hit-with-another-401k-lawsuit
