MetLife Inks $4.5 Million Settlement Over In-House 401(k) Funds

MetLife Group Inc. will pay $4.5 million to settle a proposed class action challenging the affiliated index funds in its employees’ $7.3 billion 401(k) plan.

The deal is expected to benefit more than 48,000 people who invested in MetLife index funds through the company’s 401(k) plan between July 2015 and December 2021. 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 a settlement motion filed Monday in the US District Court for the Southern District of New York. ...