Fidelity Management Trust Co.

O’Melveny helped free Fidelity Management Trust Co. from a class action brought by investors who alleged that the company charged excessive fees and implemented an unduly conservative strategy in one of its flagship stable-value funds offered to 401(k) plans. A federal judge agreed with O’Melveny’s argument that the class failed to prove Fidelity breached any duties of loyalty or prudence in the way it operated its fund. Lawsuits under the Employee Retirement Income Security Act targeting the managers of stable-value funds have sharply increased in the recent low interest rate environment.