New York Life Settles ERISA Suit For $14M

Law360, New York (March 11, 2008, 12:00 AM EDT) -- A federal judge has finalized a $14 million settlement in an Employee Retirement Income Security Act suit against New York Life Insurance Co. filed by employees who accused the company of breaching its fiduciary duties and overcharging the company pension plans.

Judge Bruce W. Kauffman of the U.S. District Court for the Eastern District of Pennsylvania approved the settlement on Wednesday, granting roughly $10 million to the class members and $4 million for attorneys' fees and bringing an eight-year dispute to an end.

The suit alleged...
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