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

By Cara Salvatore (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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!