Voya Settles Would-Be Class Suit Over 401(k) Fees, Disclosures

July 14, 2021

Voya Financial Inc. settled a proposed class action claiming it charges excessive fees to 401(k) plan participants and misleads them about those fees, according to a filing submitted in the U.S. District Court for the District of Delaware.

Voya reached a “confidential settlement” with plaintiff Sharon Goetz, on behalf of her profit sharing plan and as a representative of other similar retirement plans, the parties said Tuesday in a stipulation to dismiss the lawsuit. The filing didn’t include further details about the deal, and attorneys for the parties didn’t respond to Bloomberg Law’s requests for comment.

Goetz’s lawsuit sought to ...