Law360, New York (March 03, 2011, 2:06 PM ET) -- At the request of the Second Circuit Court of Appeals, the U.S. Department of Labor, on Feb. 17, 2011, submitted a letter brief in the pending Faber v. Metropolitan Life Insurance Co. appeal.
The plaintiffs in Faber alleged that MetLife breached its ERISA fiduciary duties by distributing ERISA-governed life insurance benefits through Retained Asset Accounts ("RAA"). The plaintiffs' claim, which was asserted as a putative class action, was dismissed by the Southern District of New York on a motion to dismiss when the court held that...
Grappling With Retained Asset Accounts
To view the full article, take a free trial now.
