(Bloomberg) -- Index funds often benefit from a low-cost halo. They don't all deserve to bask in that glow.

Allegations of excessive index fund fees in retirement plans are at the heart of a new proposed class action lawsuit brought by New York Life Insurance employees against the company. The case, filed in U.S. District Court for the Southern District of New York, alleges breach of fiduciary duty under the Employee Retirement Income Security Act.

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