Judge Tosses ERISA Suit Over MetLife Accounts

Law360, New York (October 26, 2009, 7:13 PM EDT) -- A federal judge has dismissed a proposed class action accusing Metropolitan Life Insurance Co. of unlawfully profiting from life insurance benefit accounts that were supposed to be under the sole control of life insurance beneficiaries, in violation of the Employee Retirement Income Security Act.

Judge Harold Baer of the U.S. District Court for the Southern District of New York ruled Friday that the plaintiffs, who claimed that MetLife's “Total Control Account” program violated ERISA, failed to state a claim.

The suit was filed in December 2008...
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