MetLife Finalizes $4.5 Million In-House 401(k) Fund Settlement

MetLife Group Inc.'s $4.5 million class settlement with employees challenging their 401(k) plan’s affiliated funds received final approval Wednesday, as did a $1.5 million fee award for the workers’ lawyers.

The deal is expected to provide more than 48,000 people who invested in MetLife index funds through the company’s 401(k) plan between July 2015 and December 2021 with between 19% and 27% of their total estimated losses. It reflects that MetLife took steps to reduce the plan’s fees after the case was filed by transferring the index funds from group annuity contracts to collective investment trusts, according to the employees’ ...