By Joshua Rosenberg (May 9, 2022, 7:57 p.m. EDT) — A life insurance company did not breach a fiduciary responsibility when it applied foreign tax credits to its own taxes, a magistrate ruled Monday of Florida, launching a class action alleging that these tax benefits belonged to beneficiaries of retirement accounts.
John Hancock Life Insurance Co. did not breach a fiduciary responsibility to the trustees of an organized retirement plan under section 401(k) of the tax code because the company had no such responsibility, U.S. Magistrate Judge Jonathan Goodman said in an order. Judge Goodman previously certified a class of employee pension plan administrators in the suit.
“There was nothing unfair about John Hancock using…
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