New York Life Finalizes $19 Million In-House 401(k) Fund Deal

New York Life Insurance Co.'s $19 million settlement with workers challenging the in-house investment funds in their 401(k) plan received final court approval, as did an award of nearly $6.3 million in attorneys’ fees for class counsel.

The deal covers more than 40,000 people who invested in any of five challenged funds through a pair of New York Life retirement plans since March 2015. It provides them with a “robust monetary recovery” that represents between 20% and 25% of their total estimated losses, according to the settlement motion.

Judge Jesse M. Furman of the US District Court for the ...