Class action suit filed against MetLife in NY for alleged misrepresentation
January 29, 2015 by IFAwebnews Staff
Claiming that MetLife’s “shadow insurance” practices have put the public in peril, a federal class action calls for its New York subsidiary to refund premiums.
The subsidiary, Metropolitan Life Insurance Co., is the only defendant to the complaint Andrew Yale, of New York, filed on Monday.
Yale says he bought a life insurance policy from Metropolitan Life in 2009, and wants to represent a class who obtained life insurance from Metropolitan Life between Jan. 12, 2009, and Jan. 12, 2015.
The lawsuit comes less than a month after the Financial Stability Oversight Council “issued an ominous warning” about MetLife, proclaiming on Dec. 18, 2014, that there is a range of possible alternatives in which financial distress at MetLife would threaten U.S. financial stability.
