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MetLife tower 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. (Photo: AP)

(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.

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