We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Grappling With Retained Asset Accounts

Law360 (March 3, 2011, 2:06 PM EST) -- At the request of the Second Circuit Court of Appeals, the U.S. Department of Labor, on Feb. 17, 2011, submitted a letter brief in the pending Faber v. Metropolitan Life Insurance Co. appeal.

The plaintiffs in Faber alleged that MetLife breached its ERISA fiduciary duties by distributing ERISA-governed life insurance benefits through Retained Asset Accounts ("RAA"). The plaintiffs' claim, which was asserted as a putative class action, was dismissed by the Southern District of New York on a motion to dismiss when the court held that...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.