July 22, 2024
Current and former New York Life workers received final approval for a $19 million deal ending their lawsuit claiming the insurance giant kept inferior proprietary investment options in its employee 401(k) plans.
On Thursday, U.S. District Judge Jesse M. Furman signed off on the settlement agreement, overruling a single objection to the proposed class settlement. The workers said in a February motion for preliminary approval that the $19 million deal totals 20% to 25% of the losses they claimed the plans suffered because New York Life violated the Employee Retirement Income Security Act.
Each of the 10 named plaintiffs is set to receive service awards of $10,000 from the settlement fund, and attorney fees total nearly $6.3 million, or about 33% of the total amount.