Stockholders Cite Red Flags In MetLife Annuity Cutoff Suit

Law360 (May 5, 2020, 10:17 PM EDT) -- Stockholder attorneys argued in Delaware's Chancery Court Tuesday that MetLife Inc. directors ignored multiple red flags over a pension annuity program that swept up funds for thousands of living beneficiaries who were wrongly presumed dead, costing the company hundreds of millions in restatements and stock drops over the past decade.

Kurt M. Heyman of Heyman Enerio Gattuso & Hirzel LLP made the point while arguing against a MetLife motion to dismiss stockholder derivative cases consolidated last year, seeking damages on behalf of the company for director breaches of fiduciary duty over the errors. MetLife added $510 million to its bottom line...

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