MetLife Settles ERISA Payment Probe For $13.5M

Law360, New York (April 15, 2010, 5:39 PM EDT) -- Metropolitan Life Insurance Co. has agreed to pay $13.5 million to settle allegations it violated the Employee Retirement Income Security Act by failing to disclose extra fees it paid to a San Diego insurance broker to push MetLife's group insurance products.

The deal was announced Thursday by the U.S. attorney's office in the Southern District of California, which agreed not to prosecute MetLife in exchange for the payment and the company's continuing cooperation on any investigation arising out of the issue.

"Insurance commission and fee disclosures...
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