![New York Life $19M Settlement for ERISA Class Action New York Life $19M Settlement for ERISA Class Action](https://cdn.prod.website-files.com/642f23e5f54b794300ac12a6/667395cb21a15487adbd3a7b_GmUCq5P2arVIhA3DiXJvjz8kwYJjpd2hNUfHkTlC4YE.webp)
New York Life Insurance Company has agreed to a $19 million settlement in an ERISA class action lawsuit. This settlement affects participants and beneficiaries of the New York Life Insurance Employee Progress Sharing Investment Plan and the New York Life Insurance Company Agents Progress Sharing Investment Plan who invested in certain funds from March 2, 2015, to the present.
Can I Claim an Award?
Class Members include all participants and beneficiaries of the New York Life Insurance Company Employee Progress-Sharing Investment Plan or the New York Life Insurance Company Agents Progress-Sharing Investment Plan who held assets in the following plans at any time from March 2, 2015, to the Effective Date of Settlement:
- MainStay Epoch U.S. All Cap Fund
- MainStay Epoch U.S. Small Cap Fund
- MainStay Income Builder Fund
- Any MainStay Retirement Fund
- Fixed Dollar Account
Class Members do not need to submit claim forms. Current Plan participants will have their payments deposited into their Plan accounts. Beneficiaries will receive payments by check. Former Plan participants can receive payments by check or opt for a rollover to a qualified retirement account by submitting the Former Participant Rollover Form by July 8, 2024.
How Much are the Awards?
The Net Settlement Amount will be allocated to Class Members based on their Plan account balances invested in one or more of the Disputed Investments during the Class Period. Payments will be calculated by the Settlement Administrator using a specific formula detailed in the Plan of Allocation.
Is Proof Required to Claim the Reward?
No proof is required to claim the reward. Payments will be automatically calculated and distributed based on the Plan's records.
How to Claim Your Award
Class Members do not need to submit claim forms. Current Plan participants will have their payments deposited into their Plan accounts. Beneficiaries will receive payments by check. Former Plan participants can receive payments by check or opt for a rollover to a qualified retirement account by submitting the Former Participant Rollover Form by July 8, 2024.
Important Dates
- Rollover Form Deadline: July 8, 2024
- Final Approval Hearing: July 18, 2024
Why is There a Class Action Settlement?
The lawsuit alleged that New York Life and other Defendants breached their fiduciary duties and engaged in prohibited transactions under ERISA by including certain investments in the Plans and failing to adequately monitor the fees and performance of those funds. The Defendants deny these claims but have agreed to settle to avoid the expense and risk of litigation.
The final hearing to consider the fairness of the Settlement is scheduled for July 18, 2024.
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