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Quest Diagnostics Case

This case is one alleging excessive fees, particular to the suite of target date products selected as options within the Profit Sharing Plan of Quest Diagnostics Incorporated. The Plan offers the Fidelity Freedom Funds as its QDIA and target date option for participants. Fidelity does offer an indexed suite of target date options which are less expensive than the actively managed Freedom Funds. In Quest’s selection of the Freedom Funds and failure to replace such funds at any point in time with the Index funds, favoring of the more expensive Freedom Funds series and more aggressive fund series based its “underlying holdings and asset allocation strategy,” allegedly breached fiduciary duties.

www.napa-net.org; July 2, 2020.