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Legal News

: Lawyers and Settlements

New York ERISA Suit Ends in Settlement

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New York, NY: Eight years of litigation has passed and a settlement has finally been approved. A judge in federal court granted a settlement of $14 million in a class action lawsuit against New York Life Insurance Co. (NYL) that violated the Employee Retirement Income Security Act of 1974. The lawsuit was filed by employees who alleged the company mismanaged pension funds by investing in its own mutual funds to make them look more profitable.

Full post as published by Lawyers and Settlements on March 18, 2008 (boomark / email).

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