MetLife Seeks To Bury Stock-Drop Suit Over Pension Reserve

Law360 (August 13, 2019, 3:49 PM EDT) -- MetLife has urged a New York federal judge to toss a proposed class action claiming the insurer caused the company's share price to drop after it violated securities law by incorrectly deeming some retirees of other companies deceased and maintaining inadequate pension reserves.

MetLife filed a reply Monday in support of its motion to dismiss a fourth amended complaint from lead plaintiffs KBC Asset Management NV and the Labourers’ Pension Fund of Central and Eastern Canada that claims thousands of retirees never received pension benefits. While the plaintiffs had claimed that a 2016 audit report showed MetLife either knew or disregarded...

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