November 11 2009
New York, NY: A class action lawsuit brought against MetLife has been settled for $50 million.
The suit alleged that some 8.6 million policy holders were defrauded as a result of the company becoming publicly traded in 2000.
Direct payments to class members will not be made, rather the monies set aside when MetLife went public to generate dividends for policyholders will be augmented by the settlement funds, after fees and expenses have been paid out.
Additionally, a $2.5 million payment will be made to a nonprofit health research organization in lieu of compensation to policy holders who are ineligible for dividends.
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