MetLife has agreed to settle an ERISA lawsuit filed by current and former 401(k) plan participants, attorneys for the plaintiffs and defendants told a federal court judge in New York on Oct. 6.
No terms were revealed in the letter referencing the case of Kohari et al. vs. MetLife Group Inc. et al. Details of the settlement, achieved through mediation, will be provided by Nov. 6, the letter said.
Plaintiffs sued MetLife and plan fiduciaries in July 2021, alleging that the company violated ERISA by offering proprietary investments in the 401(k) plan when similar, cheaper and better-performing investments were available in the marketplace. Plaintiffs sought class-action status.
MetLife requested that the complaint be dismissed, but U.S. District Court Judge John P. Cronan rejected the company's petition in August 2022.
The MetLife 401(k) Plan, Bridgewater, N.J., had assets of $8.1 billion as of Dec. 31, 2021, according to its latest Form 5500.