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John Hancock might have accepted and failed to disclose fees it received from mutual funds within its variable annuities when those variable annuities were part of an ERISA governed retirement plan.
Investigation Source (Case #07-cv-11371)
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Loss of Retirement Asset
- Excessive or Unauthorized Fees
- Illegal Kickbacks
- Unsuitable Annuities
Products or Services
- Retirement Plan
- Employee Retirement Plan Sponsors or Administrators
- Annuities
Injury Type
- Monetary Loss
Investigation Details
Investigation and pending class action lawsuit against John Hancock Life Insurance Company.
This class action lawsuit is brought on behalf of all trustees, sponsors and administrators of employee benefit plans that owned variable annuity contracts from John Hancock Life Insurance Company
The class action complaint alleges that John Hancock breached its fiduciary duties to the Plans by charging excessive fees for its services and engaging in prohibited transactions. Specifically, the class action complaint alleges that John Hancock received payments from mutual funds in which it invested funds from the Plans and that John Hancock improperly kept those payments for its own benefit rather than crediting the money received to the Plans.
This class action lawsuit is brought on behalf of all trustees, sponsors and administrators of employee benefit plans that owned variable annuity contracts from John Hancock Life Insurance Company
The class action complaint alleges that John Hancock breached its fiduciary duties to the Plans by charging excessive fees for its services and engaging in prohibited transactions. Specifically, the class action complaint alleges that John Hancock received payments from mutual funds in which it invested funds from the Plans and that John Hancock improperly kept those payments for its own benefit rather than crediting the money received to the Plans.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| John Hancock Financial | John Hancock Financial, a unit of Manulife Financial Corporation, provides insurance products, annuities and financial services. |