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Voya Financial, units win dismissal in retirement plan-related lawsuit

A U.S. federal court has dismissed a putative class-action lawsuit against Voya Financial Inc. and its units related to the company's retirement plans.

The lawsuit filed by a participant in a 403(b) plan alleged that Voya Retirement Insurance & Annuity Co. violated the Employee Retirement Income Security Act by charging unreasonable fees and setting its own compensation in connection with stable value products. The U.S. District Court for the District of Connecticut granted the company's motion to dismiss the lawsuit, but permitted the plaintiff to file an amended complaint.

The plaintiff had sought declaratory and injunctive relief, disgorgement of profits, damages and attorneys fees. Voya Financial previously said the allegations had no merit.