Mutual of America Life Insurance Co. announced plans to settle a proposed class action challenging the affiliated investment funds and recordkeeping services in its 401(k) plan.
The parties reached an agreement with the court’s “encouragement and assistance,” and the plaintiffs plan to submit the deal for court approval by April 14, according to a joint status update filed March 31 in the US District Court for the Southern District of New York.
The six-month-old lawsuit, filed on behalf of a proposed class of about 2,000 people, alleges that Mutual of America’s decision to use its own proprietary recordkeeping platform ...
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