Life Insurance
Lewisville Company
Mutual of America
Settles Lawsuit
Life insurance Lewisville company Mutual of America
Life Insurance Co.
recently agreed to settle a lawsuit by
current and former participants in a 401(K)
plan who alleged ERISA violations
regarding record-keeping fees as well as
the use of proprietary investments in the
defined contribution plan.
The amount they agreed to pay was a staggering $2.75
million, which now must be approved by a U.S.
District Court.
Mutual of America Life Insurance Co.
had $471 million in assets as
of December 31, 2021.
According to the Pensions & Investments report, Mutual of America was sued in September 2022,
arguing "That the 401(K) play was filled with Mutual of America Life Insurance's own investment
products that were expensive and/or poor-performing compared with investments in the marketplace."
Mutual of
"Although defendants dispute the allegations
and deny liability for any alleged violations of
ERISA or any other law, they do not oppose
the relief sought in this motion," said the
settlement document filed by plaintiffs'
attorneys.
"While plaintiffs are confident that they would have prevailed on
the pending motion to dismiss, there was a risk that the court
might have dismissed the claims.
And, if the case proceeded to trial, defendants still
might have prevailed." Rick Thornton, one of the top
health and life insurance agents in Lewisville , said
it is important for insurers to do business the right
way when it comes to the products they offer as well
as create balance between
Insurance4Dallas provides consumers with detailed information on
health insurance with the ability to purchase health insurance
online.
Insurance4Dallas provides a full spectrum
of health, dental, vision, life and ancillary
insurance products, providing a diverse
selection of price and benefit options
complemented by personal customer
service.
Find Out More At http://insurance4dallas.com/health-insurance-lewisville-tx