{"id":6012,"date":"2016-06-27T00:00:00","date_gmt":"2016-06-27T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/06\/401k_lawsuits_massmutual_settl_1"},"modified":"2020-09-02T09:27:44","modified_gmt":"2020-09-02T14:27:44","slug":"401k-lawsuits-massmutual-settl-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/401k-lawsuits-massmutual-settl-1\/","title":{"rendered":"401K Lawsuits: MassMutual Settles with Employees for $31M and TransAmerica Settles for $3.8M"},"content":{"rendered":"<p>Massachusetts Mutual Life Insurance Co. has arrived at a nearly $31M settlement with plaintiffs of a class action securities case. They are accusing the retirement service provider of charging excessive fees in its retirement plans. The 401k lawsuit involved MassMutual\u2019s $200M Agent Pension Plan and its $2.2B Thrift Plan. The settlement includes a $30.9M payment and non-monetary provisions that would benefit participants of the plan.<\/p>\n<p>The case is <em>Dennis Gordan et al v. Massachusetts Mutual Life Insurance Co. et al<\/em>, and plaintiffs include ex-plan participants and current ones. They are accusing defendants of breaching their fiduciary duty under ERISA through the charging of excessive administrative fees and offering a costly and unnecessarily risky fixed-income choice, as well as investments that were expensive despite not performing well.<\/p>\n<p>The non-monetary provisions of the settlement include the hiring an independent consultant to make sure that plan participants are not asked to pay excessive fees for record-keeping services or record-keeping fees based on asset percentages, a review of all investment options, and the consideration of a minimum of at least three finalists when making an investment selection.<\/p>\n<p>The settlement has been submitted to a district court for preliminary approval. MassMutual has not admitted to liability or fault despite settling.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/401k-lawsuits-massmutual-settl-1\/#more-6012\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Massachusetts Mutual Life Insurance Co. has arrived at a nearly $31M settlement with plaintiffs of a class action securities case. They are accusing the retirement service provider of charging excessive fees in its retirement plans. The 401k lawsuit involved MassMutual\u2019s $200M Agent Pension Plan and its $2.2B Thrift Plan. The settlement includes a $30.9M payment [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3804,3752],"tags":[2547,2925,2615,3640],"class_list":["post-6012","post","type-post","status-publish","format-standard","hentry","category-class-action-lawsuits","category-financial-firms","tag-401k-lawsuits","tag-ameriprise","tag-erisa","tag-transamerica"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MassMutual Settles with Employees for $31M and TransAmerica Settles for $3.8M | SSEK Law<\/title>\n<meta name=\"description\" content=\"MassMutual has arrived at a nearly $31M settlement for a class action securities case involving a $200M Agent Pension Plan and its $2.2B Thrift Plan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/401k-lawsuits-massmutual-settl-1\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"MassMutual Settles with Employees for $31M and TransAmerica Settles for $3.8M | SSEK Law\" \/>\n<meta name=\"twitter:description\" content=\"MassMutual has arrived at a nearly $31M settlement for a class action securities case involving a $200M Agent Pension Plan and its $2.2B Thrift Plan.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; 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