New York Life Settles 401(k) Lawsuit for $3 Million
New York Life Insurance Co. has agreed to settle a lawsuit alleging the firm engaged in self-dealing in its 401(k) plans for the sum of $3 million. Plaintiffs brought the excessive-fee suit against New York Life in July 2016, seeking relief for alleged damages caused by fiduciary breach in two company retirement plans. New York Life neither admitted nor denied wrongdoing as part of the …