New York Life’s $19 Million In-House 401(k) Fee Deal Gets Nod

New York Life Insurance Co. and a class of employees challenging the in-house investment funds in their 401(k) plan received initial court approval for a $19 million settlement.

The agreement is expected to cover 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 Southern District of New York signed ...