MetLife Exploited Federal Death List To Avoid Payments: Suit

Law360, New York (February 1, 2012, 8:16 PM EST) -- A MetLife Inc. shareholder says the insurance giant's executives cost investors millions of dollars by selectively checking a federal death register in order to withhold benefits from survivors of policyholders, according to a proposed class action derivative suit filed Monday in Manhattan.

MetLife diligently checked the Social Security Administration's Death Master File to stop paying out when annuity recipients had died, the suit claims, but ignored the register when it indicated that it was time to begin paying death benefits on life insurance policies for which...
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