MassMutual Policyholders Sue For Board Voting Rights
By Max Stendahl
Law360, New York (July 13, 2012, 4:39 PM ET) -- Massachusetts Mutual Life Insurance Co. has improperly barred thousands of policyholders from voting in elections to appoint the company's board of directors, even though the policyholders are essentially stockholders, according to a putative class action filed Friday in federal court.
Since at least 1963, the insurer has not allowed voting by people who own policies that insure the life of another person, according to the suit by Madaline S. Keros. Such policyholders account for 25 percent of the company’s customer base — about 300,000 people in...