MetLife Clients Lose Cert. Bid In Suit Over $216M Ponzi Scam

Law360, Los Angeles (January 14, 2015, 9:51 PM EST) -- A California judge on Wednesday rejected a class certification bid from over 200 investors who claim Metropolitan Life Insurance Co. agents persuaded them to purchase unregistered securities from an alleged $216 million Ponzi scheme, saying whether investors relied on agents' alleged misrepresentations is an individualized issue.

The rejected class is composed of 212 investors who purchased unregistered securities from alleged Ponzi scheme Diversified Lending Group Inc., and who allege they did so based on the solicitation of MetLife agent Tony Russon or several other agents who reported to him. The plaintiffs sought certification on claims of negligent supervision and hiring and...

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