Massachusetts Mutual Life Insurance Co. is free of a lawsuit claiming the company received tens of millions of dollars annually in secret profits from the retirement plans it services.
The lawsuit, filed in 2016 on behalf of a proposed class of “hundreds” of retirement plans, is barred by a $9.5 million class action settlement from 2014, Judge Mark G. Mastroianni of the U.S. District Court for the District of Massachusetts held Feb. 5.
Retirement plan investor Deborah Bishop-Bristol said her lawsuit was viable because MassMutual breached the settlement agreement by failing to disclose the “spread” it makes from the stable ...
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