Berman Tabacco is currently co-counsel in a class action litigation brought on behalf of retirees who claim that they were unfairly denied timely payment of their pension benefits over the last 25 years.
The suit alleges that MetLife has publicly acknowledged that it failed to keep track of pension annuity beneficiaries, failed to contact them, and failed to pay them their benefits when due. Instead of paying the pension annuity benefits to beneficiaries or turning them over to states under unclaimed property law, the suit asserts that MetLife kept the money. The complaint claims that MetLife has acknowledged that it owes as many as 30,000 beneficiaries a total of more than $500 million in annuity benefits.
An industry analyst has called MetLife’s admissions concerning its pension annuity beneficiaries a “major black eye” for MetLife, the nation’s second-largest life insurer by assets. MetLife has reported that it is responding to questions from its lead state regulator in New York and other state regulators. The Company has also said that the Securities and Exchange Commission enforcement staff “has made an inquiry” about the matter.
The complaint seeks payment of these pension benefits, monetary damages, and other relief for these retirees, and to remedy the harm caused by the claim that MetLife converted these annuity pension benefits to its own use.