A new proposed class action accuses Massachusetts Mutual Life Insurance Co. of breaching its ERISA fiduciary duties by engaging in prohibited transactions when it received allegedly undisclosed and unreasonable compensation (Bishop-Bristol v. Mass Mut. Life Ins. Co., D. Conn., 3:16-cv-00139, complaint filed 1/29/16).
The complaint filed Jan. 29 in the U.S. District Court for the District of Connecticut alleges that MassMutual collected tens of millions of dollars annually in undisclosed compensation from retirement plans and participants to whom it owed fiduciary duties and disclosure obligations under the Employee Retirement Income Security Act.
The proposed class comprises ERISA-covered ...
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