A federal appeals court in Chicago on Thursday upheld the dismissal of a lawsuit that accused Deere & Co. and two Fidelity Investments units of breaching their fiduciary duties by charging unreasonable fees for investment options of Deeres $3.1 billion 401(k) plan. The news was first reported late Thursday on Pensions & Investments website, pionline.com.
The 33-page decision, written by Judge Diane P. Wood of the 7th U.S. Circuit Court of Appeals, also upheld the award of $54,396.57 for Deere, Moline, Ill., and $163,814.43 total for the two Fidelity units in costs.
Fidelity Management Trust Co. is the directed trustee and record keeper for the Deere plans, and Fidelity Management & Research Co. is investment adviser for two mutual funds offered as investment options in the Deeres plans.
Fidelity spokesman Vin Loporchio said: We are pleased with the outcome.
Troy A. Doles, attorney with the law firm Schlichter Bogard & Denton, which represented the plaintiffs, and Ken Golden, Deeres manager-public relations, didnt respond to requests for comment.
The U.S. District Court for the Western District of Wisconsin originally dismissed the case June 20, 2007. It was filed Dec. 8, 2006.