One of the earliest fee litigations, this class action settlement obtained $14 million on behalf of current and former participants in the pension and 401(k) plans who had account balances. The lawsuit centered around allegations of intentional and/or imprudent and disloyal failure to take advantage of the Plans' considerable bargaining clout to obtain appropriately-priced investment vehicles, and instead to use the far more expensive NYL-proprietary mutual funds -- namely, the New York Life Institutional/MainStay Institutional/Eclipse Funds, priced to be marketed to smaller investors -- in an effort to build those product lines and boost Company profits.  The settlement also required the plans' fiduciaries to utilize an independent adviser to provide advice regarding appropriate investments for each of the plans.

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