MetLife, Prudential Face $1.5B Suit Over Unclaimed Funds

Law360, New York (January 24, 2012, 5:19 PM EST) -- MetLife Inc. and Prudential Financial Inc. engaged in “massive fraud” by neglecting to turn over unclaimed life-insurance benefits to the state of Illinois, according to a whistleblower complaint seeking $1.5 billion that was unsealed Jan. 18.

Total Asset Recovery Services LLC, which investigates lost assets, filed the whistleblower suit in Illinois state court, alleging MetLife and Prudential had failed to hand over roughly $524.3 million in deceased policyholders’ unclaimed benefits to the state of Illinois, as it was required to do by law.

“Once these funds...
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