New York Life Case - Mehling v.
New York Life Ins. Co., Civ. No. 99-CV-5417 (E.D.
Pa.)
This case was a federal ERISA class action
lawsuit filed by current and former New York Life Insurance
Company (“NYL”) employees and agents against NYL
and the Board of Trustees of the Company’s employee
and agent pension and 401(k) plans (“the Plans”).
Plaintiffs alleged Defendants improperly invested assets of
various NYL-sponsored employee benefit plans into
NYL-proprietary investment products -- primarily, NYL’s
former “institutional” (now retail) line of
mutual funds -- in a scheme to build Company product lines
and boost Company profits.
The Court certified the case as a class action
in an Order dated November 01, 2001.
After many years of litigation, the case was
settled in 2007 for $14 million. The Court gave final approval
to the settlement in March 2008. For updates on settlement
administration, please visit http://www.nylplanslawsuit.com/
for more information.
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