John Hancock Must Face Self-Dealing Suit Over 401(k) Lineup

Law360 (July 24, 2020, 2:43 PM EDT) -- John Hancock must face a proposed class action alleging it packed employees' 401(k) plan with pricey, proprietary investment options that cost workers over $10 million in bloated administration fees and lost profits, a Massachusetts federal judge has ruled.

U.S. District Judge Richard G. Stearns on Thursday denied John Hancock Life Insurance Co.'s bid to toss a former 401(k) plan participant's Employee Retirement Income Security Act suit on behalf of as many as 10,000 workers.

While ERISA allows financial services firms like John Hancock to use their proprietary funds in their retirement plans, they still have an obligation to monitor the performance...

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