Settlement Provides Guidance on Fiduciary Governance

Once the parties in complex litigation agree on the terms of a settlement, it is not common for a court to reject the settlement unless there is some profound error or injustice. As the the recent settlement in Goldenstar Inc. v. MassMutual Life Insurance Co. (see MassMutual Settles Excessive Fee Lawsuit) is very similar to … Continue reading Settlement Provides Guidance on Fiduciary Governance

MassMutual Settles Excessive Fee Lawsuit

On Friday, October 31, 2014, the parties in Goldenstar, Inc. v. MassMutual Life Insurance Co. filed a motion seeking the court to approve a settlement agreed to by the parties. (See previously MassMutual is Found to be a Fiduciary in ERISA Suit by Proposed Class of Client Plans) The settlement agreement (Part 1 and Part 2) … Continue reading MassMutual Settles Excessive Fee Lawsuit

MassMutual is Found to be a Fiduciary in ERISA Suit by Proposed Class of Client Plans

On May 20, 2014, in Goldenstar v. MassMutual, a long running lawsuit brought by a proposed class of client defined contribution plans, MassMutual Life Insurance Company has been found to be a functional fiduciary under ERISA § 3(21)(i) and (iii) when it determines its own compensation for services provided in the MassMutual Separate Investment Accounts (“SIAs”) it offers through … Continue reading MassMutual is Found to be a Fiduciary in ERISA Suit by Proposed Class of Client Plans