MetLife, MassMutual Units Duck Suit Over Madoff Losses
By Juan Carlos Rodriguez (March 8, 2013, 3:03 PM EST) -- A New York federal judge tossed a proposed class action Thursday accusing MetLife and Massachusetts Mutual Life Insurance Co. subsidiaries of improperly investing with Bernard Madoff, saying the plaintiffs don't have standing to represent a class and that similar claims were already settled.
U.S. District Judge Thomas P. Griesa found that Yale Fishman 1998 Insurance Trust and Glenn Akiva Fishman Life Insurance Trust didn't have standing to bring a derivative suit, saying the plaintiffs appear to claim to stand in the shoes of the insurance defendants, but that's not possible in this situation.
"While such a suit is possible in principle...
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