MetLife Inks $84M Deal To End Investors' Life Insurance Suit
Law360 (June 9, 2020, 10:59 PM EDT) -- MetLife Inc. has agreed to shell out $84 million to put to rest class action claims the company misled investors by underreporting life insurance death benefit liabilities, according to a proposed settlement agreement filed in New York federal court Tuesday.
The two classes of investors alleged that MetLife started making misrepresentations to investors in 2010 that reserves it held for certain "incurred but not reported," or IBNR, death benefit claims for group life insurance policies were adequate. The false statements came even though the insurer had discovered a $25 million shortfall in its backup funds in 2007 after it began cross-checking...
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