John Hancock, Workers Look To Settle 401(k) Self-Dealing Suit
April 21, 2021
Law360 (April 21, 2021, 7:11 PM EDT) -- John Hancock Life Insurance Co. and a group of its employees have sketched a settlement for the putative class action that claimed the insurer packed its 401(k) plan with badly managed, high-fee funds, leading to the loss of tens of millions of dollars, according to a filing Wednesday in Massachusetts federal court.
The insurer and the plaintiffs told a Massachusetts federal judge that the sides have reached the outlines of a classwide settlement in the case and asked the court to halt the case until at least June 1, when they plan to present the details in a preliminary agreement....
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