MetLife Forks Over $500M To States For Unpaid Benefits

Law360, New York (April 23, 2012, 7:36 PM EDT) -- MetLife Inc. reached an estimated $500 million settlement Monday in a multistate investigation of unpaid life insurance and annuity benefits, the same day New York state announced it had recovered $262 million in unpaid death benefits from insurers in a separate probe.

California State Controller John Chiang announced the multistate agreement. MetLife possessed information about the deaths of life insurance policyholders through a Social Security Administration death database, but it did not pay out related benefits, according to Chiang.

The settlement will be paid to beneficiaries...
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