MetLife Sales Reps Not Investment Advisers: Judge

Law360, New York (September 1, 2009, 4:08 PM EDT) -- A federal judge has ruled that Metropolitan Life Insurance Co. did not violate the Investment Advisers Act by not requiring its sales representatives to disclose potential conflicts of interest, saying the reps do not qualify as investment advisers under the act.

Judge Stephen P. Friot of the U.S. District Court for the Western District of Oklahoma granted MetLife's motion for summary judgment in the putative class action brought by Robert and Amanda Thomas, who purchased a variable life insurance policy from a MetLife sales rep in...
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