Voya Free of Stable Value Fund Appeal After Investors Drop Suit

Investors who sued Voya Retirement Insurance & Annuity Co. over a stable value fund it offers retirement plans dropped their lawsuit after appealing to a federal appeals court in New York.

The lawsuit accused Voya of earning undisclosed profits by setting the crediting rate for a certain stable value fund in retirement plans for its own benefit. The investors on Nov. 7 told the U.S. Court of Appeals for the Second Circuit they were withdrawing the case less than two months after the appeal was docketed.

Voya twice defeated the lawsuit at the district court level. In 2017, a federal ...