MetLife’s $4.5 Million Deal Over In-House 401(k) Funds Gets Nod

MetLife Group Inc. received initial court approval for a $4.5 million class settlement benefiting employees who challenged the affiliated index funds in their 401(k) plan.

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 workers’ settlement motion.

Magistrate Judge ...