MetLife, BlackRock Sued Over Subprime Investments

Law360, New York (January 29, 2008, 12:00 AM EST) -- Israel Discount Bank has sued MetLife Inc. and investment adviser BlackRock Inc. for allegedly investing life insurance funds into subprime-mortgage-backed securities, then refusing to honor the bank's request to invest the funds elsewhere.

Wilmington Trust Co., as trustee for IDB, filed the suit Friday in the Supreme Court of the State of New York, claiming a loss of more than $2 million due to MetLife's and BlackRock's breaches of contract and of fiduciary duty.

IDB is seeking to, at a minimum, recover the money it lost...
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