Voya Agrees to Class Status in 401(k) In-House Fund Challenge

Voya Financial Inc. agreed to have a lawsuit claiming self-dealing in its employees’ 401(k) plan certified as a class action covering about 11,400 people.

The proposed class would cover all the plan’s participants since December 2015, according to an unopposed motion for class certification filed Jan. 30 in the US District Court for the District of Connecticut.

• The lawsuit claims violations of the Employee Retirement Income Security Act based on Voya’s decision to tap an affiliated entity to provide record-keeping services for the plan
• Plaintiffs also challenge certain of the plan’s Voya-affiliated funds, which they say performed poorly and charged ...