Grappling With Retained Asset Accounts

Law360, New York (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...
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