Employee Retirement Plan Sponsors or Administrators
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.
Name (Stock Symbol)
John Hancock Financial
John Hancock Financial, a unit of Manulife Financial Corporation, provides insurance products, annuities and financial services.
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