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Challenge to John Hancock Affiliated 401(k) Funds Moves Forward

July 23, 2020, 7:03 PM

A lawsuit accusing John Hancock Life Insurance Co. of filling its 401(k) plan entirely with expensive and poorly performing affiliated investment funds is moving forward after a federal judge in Boston on Thursday said plan participants had a viable case under ERISA.

The ruling by Judge Richard G. Stearns of the U.S. District Court for the District of Massachusetts means the entirety of Jennifer Baker’s proposed class action under the Employee Retirement Income Security Act will move forward over John Hancock’s motion to dismiss. Baker claims John Hancock mismanaged its workers’ 401(k) plan by filling it with poorly performing, ...