New York Life $19M Settlement for ERISA Class Action

Will Gendron
Editor in Chief
Published
June 19, 2024 10:36 PM
Updated
July 24, 2024
New York Life $19M Settlement for ERISA Class Action
Settlement Open for Claims
Award:
Varies
Deadline:
SUBMIT CLAIM

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.

Notice Letter

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Status
Pending Court Approval
Category
ERISA
Settlement Amount
$19,000,000
Award
Varies
Is Proof Required?
TBD
TBD
Days Remaining to file Claim
Claim Deadline
Fairness Hearing
July 18, 2024
Final Approval Hearing
July 18, 2024
Case Number
1:21-cv-01778-JMF
Case Title
Krohnengold, et al. v New York Life Insurance Company, et al.
State
Court
Jurisdiction
Claims Administrator
NY Life ERISA Settlement Administrator P.O. Box 2010 Chanhassen, MN 55317-2010 1-855-731-5599 NYLifeERISA@noticeadministrator.com
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