{"id":6114,"date":"2017-02-17T14:38:01","date_gmt":"2017-02-17T20:38:01","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1435"},"modified":"2022-05-19T09:25:46","modified_gmt":"2022-05-19T14:25:46","slug":"self-dealing-allegations-new-york-life-settles-401k-case-3m-lawsuit-t-row-price-claims-plan-participants-paid-27m-fees","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/self-dealing-allegations-new-york-life-settles-401k-case-3m-lawsuit-t-row-price-claims-plan-participants-paid-27m-fees\/","title":{"rendered":"Self-Dealing Allegations: New York Life Settles 401(K) Case for $3M & Lawsuit Against T. Rowe Price Claims Plan Participants Paid $27M More in Fees"},"content":{"rendered":"

\t\t\t\tNew York Life Settles Self-Dealing Allegations<\/strong>
\nNew York Life Insurance Company has settled a 401(K) lawsuit accusing the company of self-dealing in its 401(k) plans. The case involved a MainStay-branded S&P 500 index mutual fund that plaintiffs believe was retained out of the insurer\u2019s self-interest even as participants saved less money than they would have if they had been able to invest in non-proprietary funds that were less expensive.<\/p>\n

The lawsuit alleged that class members had paid about $3.9M in excessive fees. The plaintiffs accused the mutual life insurer of committing breach of fiduciary duty under ERISA.<\/p>\n

New York Life and its subsidiaries own and run the MainStay funds.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New York Life Settles Self-Dealing Allegations New York Life Insurance Company has settled a 401(K) lawsuit accusing the company of self-dealing in its 401(k) plans. The case involved a MainStay-branded S&P 500 index mutual fund that plaintiffs believe was retained out of the insurer\u2019s self-interest even as participants saved less money than they would have […]<\/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":[3740],"tags":[2547,2743,2744],"class_list":["post-6114","post","type-post","status-publish","format-standard","hentry","category-miscellaneous","tag-401k-lawsuits","tag-new-york-life","tag-t-rowe-price"],"yoast_head":"\nSelf-Dealing Allegations: New York Life Settles 401(K) Case for $3M & Lawsuit Against T. Rowe Price Claims Plan Participants Paid $27M More in Fees — Investor Lawyers Blog — February 17, 2017<\/title>\n<meta name=\"description\" content=\"New York Life Settles Self-Dealing Allegations New York Life Insurance Company has settled a 401(K) lawsuit accusing the company of self-dealing in its — February 17, 2017\" \/>\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\/self-dealing-allegations-new-york-life-settles-401k-case-3m-lawsuit-t-row-price-claims-plan-participants-paid-27m-fees\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Self-Dealing Allegations: New York Life Settles 401(K) Case for $3M & Lawsuit Against T. 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