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MetLife Brokers Exempt From Advisers Act: 10th Circ.

Law360 (February 2, 2011, 8:16 PM EST) -- Leaving a putative class action in the dust, the Tenth Circuit has sided with regulators and defendant Metropolitan Life Insurance Co. in holding that the insurer's broker-dealers are exempt from the Investment Advisers Act.

In a case of first impression, the U.S. Court of Appeals for the Tenth Circuit affirmed the lower court’s summary judgment grant to MetLife and found that the company’s financial service representatives are not subject to the IAA’s fiduciary duty standards and therefore are free to peddle MetLife products without disclosing incentives...
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