LifeInsurance LewisvilleCompany MutualofAmerica SettlesLawsuit
LifeinsuranceLewisvillecompanyMutualofAmerica LifeInsuranceCo.
recentlyagreedtosettlealawsuitby currentandformerparticipantsina401(K) planwhoallegedERISAviolations regardingrecord-keepingfeesaswellas theuseofproprietaryinvestmentsinthe definedcontributionplan.
Theamounttheyagreedtopaywasastaggering$2.75 million,whichnowmustbeapprovedbyaU.S.
DistrictCourt.
MutualofAmericaLifeInsuranceCo. had$471millioninassetsas ofDecember31,2021.
AccordingtothePensions&Investmentsreport,MutualofAmericawassuedinSeptember2022, arguing"Thatthe401(K)playwasfilledwithMutualofAmericaLifeInsurance'sowninvestment productsthatwereexpensiveand/orpoor-performingcomparedwithinvestmentsinthemarketplace." Mutualof
"Althoughdefendantsdisputetheallegations anddenyliabilityforanyallegedviolationsof ERISAoranyotherlaw,theydonotoppose thereliefsoughtinthismotion,"saidthe settlementdocumentfiledbyplaintiffs' attorneys.
And,ifthecaseproceededtotrial,defendantsstill mighthaveprevailed."RickThornton,oneofthetop healthandlifeinsuranceagentsinLewisville,said itisimportantforinsurerstodobusinesstheright waywhenitcomestotheproductstheyofferaswell ascreatebalancebetween
"Whileplaintiffsareconfidentthattheywouldhaveprevailedon thependingmotiontodismiss,therewasariskthatthecourt mighthavedismissedtheclaims.
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