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John Hancock Inks $14M Deal In 401(k) Self-Dealing Suit


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John Hancock Inks $14M Deal In 401(k) Self-Dealing Suit
Law360 (June 2, 2021, 12:33 PM EDT) John Hancock will pay $14 million to settle a class action claiming it cost investors in its 401(k) plan tens of millions of dollars through bad management and the selection of high-fee, underperforming funds, according to a Tuesday court filing.
In addition to the settlement amount, John Hancock Life Insurance Co. has agreed to hire a third-party investment consultant to monitor the plan for five years and bring on a separate outside consultant to negotiate plan fees.
The deal, if approved by U.S. District Judge Richard G. Stearns, would wrap up the Employee Retirement Income Security Act class action. It came. ....

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