US. MetLife Faces Court Challenges for Pension Risk Transfer and Beneficiary Practices
A would-be class representative whose benefit liability was transferred to MetLife in a pension risk transfer (PRT) deal has filed an expansive lawsuit, challenging the company’s practices across its PRT and group annuity contract services business.
Filed in the U.S. District Court for the Southern District of New York, the complaint names as defendants MetLife, Inc.; the Metropolitan Life Insurance Company; and Brighthouse Financial, Inc. Summarizing the complaint, the lead plaintiff says he is suing these companies “for conversion and unjust enrichment relating to the taking of retirement annuity benefits from retirees.” The plaintiff also seeks “an accounting from MetLife for the amounts taken, interest, and disgorgement of unlawful profits.”
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