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John Hancock Foreign Tax Credit 401(k) Suit Gets Class Treatment

Jan. 14, 2022, 4:12 PM

A lawsuit accusing John Hancock Life Insurance Co. of improperly pocketing foreign tax credits that belong to the 401(k) plans holding the company’s variable annuity contracts is moving forward as a class action, a Florida federal court ruling shows.

The plaintiffs—trustees of a law firm 401(k) plan that used John Hancock’s annuities and record keeping services—convinced the court that the class period should begin in March 2013, six years before they filed their Employee Retirement Income Security Act lawsuit. John Hancock had argued that the class period shouldn’t begin until October 2014, when the named plaintiffs signed their contracts with ...