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Class Certified in Lawsuit by 401(k) Plan Trustees Against John Hancock
planadviser; registration may be required
Jan. 21, 2022 "The plaintiffs allege John Hancock breached [ERISA] fiduciary duty of loyalty by receiving and retaining foreign tax credits (FTCs) for the international investment options, resulting in an alleged reduction in the value of the plan's assets. The plaintiffs also allege that John Hancock caused the plan to enter into an ERISA-prohibited transaction by not crediting it with the value of the FTCs." [Romano v. John Hancock Life Ins. Co., No. 19-21147 (S.D. Fla. Jan. 14, 2022)] |
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