MetLife Settles Part of Stuyvesant Town Rent Hike Action

Law360, New York (March 2, 2012, 5:31 PM EST) -- MetLife Inc. has reached a settlement agreement in a class action brought by inhabitants of New York's biggest residential complex alleging the insurance giant improperly deregulated rental apartments at the property while receiving tax relief, MetLife said in a regulatory filing Tuesday.

In an annual report filed with the U.S. Securities and Exchange Commission, MetLife said it had reached a settlement in principle with the plaintiff tenants. Terms of the settlement, which would still need court approval, have yet to be finalized, according to MetLife....
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