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MetLife settles Massachusetts case over unpaid pensions
Source: Reuters
BUSINESS NEWS DECEMBER 19, 2018 / 9:17 AM / UPDATED AN HOUR AGO
MetLife settles Massachusetts case over unpaid pensions
Nate Raymond
2 MIN READ
BOSTON (Reuters) - MetLife Inc will pay a $1 million fine to resolve claims that it made misleading statements to investors in failing to pay pension benefits to thousands of retirees it improperly treated as “presumed dead.”
Massachusetts Secretary of the Commonwealth William Galvin announced the settlement on Wednesday. The deal resolves an administrative case that Galvin’s office filed against MetLife in June.
As part of the settlement, Galvin’s office said that MetLife will provide payments, with interest, to hundreds of Massachusetts retirees and beneficiaries.
In an administrative complaint, Galvin’s office accused MetLife of making misleading statements to investors regarding the sufficiency of the reserves it was required to maintain to meet its obligations to pensioners.
-snip-
MetLife settles Massachusetts case over unpaid pensions
Nate Raymond
2 MIN READ
BOSTON (Reuters) - MetLife Inc will pay a $1 million fine to resolve claims that it made misleading statements to investors in failing to pay pension benefits to thousands of retirees it improperly treated as “presumed dead.”
Massachusetts Secretary of the Commonwealth William Galvin announced the settlement on Wednesday. The deal resolves an administrative case that Galvin’s office filed against MetLife in June.
As part of the settlement, Galvin’s office said that MetLife will provide payments, with interest, to hundreds of Massachusetts retirees and beneficiaries.
In an administrative complaint, Galvin’s office accused MetLife of making misleading statements to investors regarding the sufficiency of the reserves it was required to maintain to meet its obligations to pensioners.
-snip-
Read more: https://www.reuters.com/article/us-metlife-pension-massachusetts/metlife-settles-massachusetts-case-over-unpaid-pensions-idUSKBN1OI1ML
