As big BigH and Focht3 pointed out a fat clay is any clay with a liquid limit over 50% that plots above the A Line, i.e. it is not highly plastic silt.
With respect to the second part of your question, regarding swell potential, that is much more difficult to answer. In the St. Louis area, where I practice, the traditional approach has been to treat all clays with a liquid limit over 45 as having shrink/swell potential. Some recent work is indicating that there are some clays with liquid limits as low as about 35 that have some shrink/swell potential, depending on the plastic limit.
Hope this helps some.