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John Hancock Settles Class Suit Over Affiliated Funds in 401(k)

April 22, 2021, 2:58 PM

John Hancock Life Insurance Co. has reached a settlement with a 9,800-person class of employees and former employees challenging the affiliated mutual funds in the company’s 401(k) plan, the parties told a federal judge in the U.S. District Court for the District of Massachusetts.

The settlement notice, filed Wednesday, comes two months after Judge Richard G. Stearns granted the participants’ unopposed motion for class certification and nine months after he declined to dismiss the Employee Retirement Income Security Act lawsuit.

Details of the settlement aren’t yet public. The parties plan to file formal settlement paperwork with Stearns by June 1, ...