MetLife Agrees to Pay $84 Million to Settle Class Action

Posted on June 11th, 2020 at 2:04 PM
MetLife Agrees to Pay $84 Million to Settle Class Action

From the Desk of Jim Eccleston at Eccleston Law LLC:

MetLife has agreed to pay $84 million to settle class action claims that it underreported life insurance death benefit liabilities and misled investors. The settlement concludes eight years of litigation, which included multiple formal mediation sessions. The original complaint was filed in 2012, and the class was certified in 2017. The class of plaintiffs includes investors who acquired MetLife common stock during certain offerings in 2010 and 2011. 

According to the lawsuit, MetLife found out that there was a $25 million deficit in reserve funds.  Despite this discovery, MetLife represented to investors that its reserve funds were adequate in 2010. Because of these alleged misrepresentations, the plaintiffs allege that MetLife’s stock traded at an artificially high price in 2010. Plaintiffs alleged that MetLife’s stock price fell in 2011 when the reserve fund deficiencies became public.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: eccleston, james eccleston, eccleston law, metlife, class action, settlement

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