The U.S. Supreme Court Monday let stand an appeals court ruling reviving a lawsuit that charges John Hancock Life Insurance with charging excessive fees for 401(k) annuity products, Reuters reports. John Hancock had appealed that decision, arguing that the lawsuit could discourage employers from setting up from retirement plans.
Gregory Ash of the law firm of Spencer Fane Britt & Browne tells Reuters that the decision is a plus for 401(k) participants because it allows them to sue plan providers directly, and not just the employers who operate the plan.
See the full story here.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
