MetLife Group will pay $4.5 million to settle a lawsuit by former 401(k) plan participants who accused the company and plan fiduciaries of violating ERISA by putting proprietary investments in the plan lineup when similar, cheaper and better-performing investments were available in the marketplace.
The settlement notice,which requires court approval, was filed Nov. 20 in a U.S. District Court in New York by plaintiffs’ attorneys in Kohari et al. vs. MetLife Group Inc. et al.
“Although defendants dispute the allegations and deny liability for any alleged violations of ERISA or any other law, they do not oppose the relief sought in this motion,” the document said.
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