MetLife agreed last week to pay $50 million -- a fraction of the $8 billion sought by the class -- to settle a class action claim it had defrauded 8.6 million policyholders when it converted from a mutual company in 2000 to a publicly traded one. Sources familiar with the case said the settlement was reached after a New York federal judge ruled MetLife could introduce a decision by the New York Superintendent of Insurance approving the conversion and the disclosure documents MetLife mailed to its policyholders.
November 10, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
MetLife agreed last week to pay $50 million to settle a class action claim that it had defrauded 8.6 million policy holders when it converted from a mutual company in 2000 to one that is publicly traded.
The settlement, which was reached after an Eastern District jury had been selected, was only a fraction of the $8 billion sought by the class (See Notice of Class Action Settlement).
Presented by BigVoodoo
Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!
Law firms & in-house legal departments with a presence in the middle east celebrate outstanding achievement within the profession.
The premier educational and networking event for employee benefits brokers and agents.
Atlanta s John Marshall Law School is seeking to hire one or more full-time, visiting Legal WritingInstructors to teach Legal Research, Anal...
Lower Manhattan firm seeks a premises liability litigator (i.e., depositions, SJ motions, and/or trials) with at least 3-6 years of experien...
At NJM, a top-rated insurance company, we are seeking an Attorney on our Workers Compensation legal team with between 3 and 5 years of expe...
MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS
