A federal judge in Pennsylvania has given final approval to a $14 million settlement against
According to the order, an independent consultant advised New York Lifes board that their pension plans could save more than $7 million in fees by moving its investments from proprietary funds to a separately managed program. Despite this advice, the trustees did not take action until the plaintiffs filed a class-action lawsuit.
The plaintiffs, who are current and former New York Life employees, charged that the company breached its fiduciary duties under the ERISA act.
A statement by the board of trustees said the plans investments and menu of investment options have always been prudently selected, and the fees are appropriate.