MetLife, Units Hit With $15M In Punitives For Ponzi Scheme

Law360, New York (August 31, 2016, 7:36 PM EDT) -- MetLife and various subsidiaries were hit with $15 million in punitive damages on Wednesday evening after a verdict blaming the insurer and others for the disappearance of about $280,000 in retirement savings in a Ponzi scheme.

The jury said MetLife owed $10 million, unit MetLife Securities $2.5 million, and unit New England Life Insurance Co. $2.5 million in a case brought by a retired bank loan officer Christine Ramirez, who claimed they and the agent who ran MetLife's L.A. operations sold her unregistered securities alongside her insurance policies. Those unregistered promissory notes put her money into an alleged $216 million Ponzi...

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