MetLife, Inc. (NYSE:MET) Investors File Additional Lawsuit Against Directors over Metlife’s Death Benefits Practice
Another investor in NYSE:MET shares filed a lawsuit against directors at MetLife, Inc. over alleged breaches of fiduciary duties and NYSE MET stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWire) -- 03/28/2012 --At least two investors in NYSE:MET shares filed lawsuits against directors of MetLife alleging they did not properly supervise or monitor Metlife and allowed it to issue allegedly misleading and false statements.
Investors who purchased MetLife, Inc. (NYSE:MET) shares and currently hold those (or at least some of those) NYSE:MET shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
In July 2011, New York State's Insurance Department issued a directive that required companies to use the U.S. Social Security Administrations Death Master File to determine if death benefits were due to policy holders beneficiaries.
The plaintiff claims that Metlife allegedly used the U. S. Social Security Administration’s Death Master File to determine whether its annuity policyholders had died so that MetLife could stop making payments, but ignored the U. S. Social Security Administration’s Death Master File to determine where death benefits payments were due under life insurance policies.
One plaintiff said that a significant amount of Metlife’s operating income and investment income is intertwined with procedures and policies used by MetLife in the investigation and paying of claims.
In August 2011, MetLife, Inc disclosed in its Form 10-Q filed with the U.S. Securities and Exchange Commision (“SEC”) that regulatory investigations into its death benefits practices could result in additional escheatment to the states and administrative penalties, the costs of which could be substantial.
Then, on October 6, 2011, MetLife, Inc filed a Form 8-K with the SEC, stating among other things that it would take at least a $115 million after-tax charge to increase its reserves in connection with its death benefits practices.
In November 2011, MetLife, Inc said in it 10-Q form that it is possible that other jurisdictions may pursue similar investigations or inquiries, may join the multi-state conduct exam or issue directives similar to the New York Insurance Department's directive.
Shares of MetLife, Inc. (NYSE:MET) fell from over $48 per share in February 2011 to under $27 in September 2011 and under $28 in November 2011. Since then NYSE:MET shares have regained some value and closed on Tuesday, March 27, 2012 at $37.76 per share.
Those who purchased MetLife, Inc. (NYSE:MET) shares and currently hold those (or at least some of those) NYSE:MET shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
Media Relations Contact
Media and Client Relations Manager
Shareholders Foundation, Inc.
View this press release online at: http://rwire.com/133988