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Bloomberg BNA Reports O’Melveny’s Win for Fidelity

July 07, 2016

In its July 7, 2016 issue, Bloomberg BNA reported that O’Melveny helped Fidelity persuade the U.S. Court of Appeals for the First Circuit that Fidelity’s management of “float” income earned through the 401(k) plans it administers doesn’t violate federal benefits law. In the story, “Fidelity’s Float Practices OK’d by First Circuit,” Bloomberg BNA reported that the “decision is a blow to the Department of Labor, which filed a brief asking the First Circuit to part ways with the Eighth and hold that this float income belonged to the 401(k) participants whose retirement savings helped generate it.”