Voya Financial Settles Proposed ERISA Class Suit Over Fees

By Emily Brill (July 13, 2021, 7:28 PM EDT) -- Voya Financial Inc. has settled a proposed Employee Retirement Income Security Act class action accusing it of overcharging Cornerstone Pediatric's retirement plan for administrative fees, the money manager told a Delaware federal court in paperwork filed Tuesday.

The document Voya submitted asked the U.S. District Court for the District of Delaware to toss the case for good, noting the company has "reached a confidential settlement resolving all claims in this case" with the person who sued, Cornerstone Pediatric Profit Sharing Plan participant Sharon Goetz.

Goetz sued Voya and an affiliated company that sells investment products, Voya Retirement Insurance and Annuity Co.,...

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