MetLife accused of defrauding investors over pension reserves
The complaint says MetLife sent 2 letters to customers. If no response, the insurer presumed they were dead.
By Katherine Chiglinsky and Neil Weinberg|June 25, 2018 at 02:44 PM
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(Bloomberg) –A Massachusetts regulator accused MetLife of defrauding investors by wrongfully releasing reserves to boost its bottom line instead of making pension payments to hundreds of retirees in that state.
Massachusetts Secretary of the Commonwealth William Galvin claims MetLife’s public filings had “material misstatements” about the insurer’s finances because it didn’t properly administer those pension plans, according to an administrative complaint filed Monday.
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