Fidelity Investments is facing more scrutiny over fees it charges some mutual funds for using its platform to access retirement plan customers.
The Massachusetts Secretary of the Commonwealth said its securities division sent a letter on Feb. 27 to Boston-based Fidelity requesting information about those fees. The inquiry follows a Feb. 21 lawsuit against Fidelity by an investor in T-Mobile USA Inc.’s 401(k) plan that claims the firm conceals so-called infrastructure fees.
The fees are also being probed by the U.S. Labor Department, the Wall Street Journal reported last week. A spokesman for the Department of Labor said the agency declined to comment on that report.
The secretary of the commonwealth’s office declined to provide a copy of the letter but said in an email to Bloomberg it has requested the following information: