Schlichter Bogard & Denton Reaches Preliminary $30.9 Million Settlement on Behalf of MassMutual 401(k) Plan Participants

Schlichter Bogard & Denton has reached a preliminary $30.9 million settlement on behalf of more than 14,000 participants in MassMutual’s 401(k) plan. Schlichter Bogard & Denton’s allegations were that MassMutual violated its fiduciary duties to plan participants by, among other things, charging excessive fees and including unreasonably expensive investment options, including proprietary options, in its 401(k) plan. 

In addition to monetary relief, the terms of the preliminary settlement include significant non-monetary relief, including restrictions on the amount of MassMutual’s recordkeeping fees. 

The case is captioned Gordan v. Mass. Mutual Life Ins. Co., No. 3:13-cv-30184 (D. Mass.).  For further information, please contact Schlichter Bogard & Denton at 1-800-873-5297 or sbd@uselaws.com.