MetLife To Pay $50M To Resolve Policyholder Suits

Law360 (November 13, 2009, 6:12 PM EST) -- Metropolitan Life Insurance Co. will pay $50 million to put an end to nearly a decade of securities litigation that alleged the insurer misled and shortchanged policyholders when it became a publicly traded company in 2000.

Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York signed off Friday on the settlement, which also ends a related action in the Supreme Court of the State of New York.

Under the deal, $2.5 million will be paid to a nonprofit health-based organization that the parties will agree to. The remaining $47.5 million will benefit the insured...

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