News & Analysis as of

MetLife Insurance Industry

Third Time Is the Charm: Class Certified in DMF-Related Shareholder Suit

by Carlton Fields on

In City of Westland Police & Fire Retirement System v. MetLife, the plaintiffs allege that the insurer overstated its earnings because it did not hold sufficient reserves for death benefit claims on group life insurance...more

Summary Judgment Win for Insurer in “Stable Value” Interest Rate Setting Case

by Carlton Fields on

In July, MetLife obtained a win in the Northern District of Illinois when the court granted summary judgment in its favor on a claim that it had breached the duty of good faith and fair dealing in setting interest rates for a...more

Court Finds That Reinsurance Transaction Did Not Breach Investment Contract Underlying An ERISA Plan

by Carlton Fields on

MetLife acquired the rights to a fixed investment option contract with Midco, a trust established to administer a retirement plan for the employees of Midco International, Inc. Midco plan participants received interest each...more

Participants who roll their pension benefits into IRAs do not ‘receive’ them

by Thompson Coburn LLP on

Metropolitan Life lost a case in the 5th Circuit on July 18, 2017, that probably surprised MetLife and may surprise you. The case is Thomason v. Metro. Life Ins. Co., 2017 WL 3049528 (5th Cir. July 18, 2017), and you may want...more

Federal Court Has Subject-Matter Jurisdiction To Decide Petition To Compel; Determines Party Did Not Waive Arbitration By Agreeing...

by Carlton Fields on

Despite a pending motion to compel arbitration in state court, a party (MetLife) petitioned a Tennessee district court under the Federal Arbitration Act for the same relief. As that Act itself does not create federal-question...more

New wave of putative class actions challenge cost of insurance charges

by Dentons on

In recent months, life insurers across the country have faced a new onslaught of putative cost of insurance class actions. These cases bring novel theories but may also revive a decades-old jurisprudential debate over whether...more

Your daily dose of financial news The Brief – 5.31.16

by Robins Kaplan LLP on

A lawsuit over an alleged Ponzi scheme involving a fund pushed by MetLife agents is raising hard questions for the insurance giant over the reaches of corporate liability...more

IREG Update - Key changes for ACA CO-OP boards: a look at new regulations taking effect this week

by Dentons on

Key changes for ACA CO-OP boards: a look at new regulations taking effect this week - On May 6, 2016, the US Department of Health and Human Services (HHS) released an interim final rule with comment (IFC) to bolster the...more

FINRA Issues Largest Fine Regarding Variable Annuities Contracts

On May 3, 2016, the Financial Industry Regulatory Authority announced that MetLife Securities, Inc. agreed to pay $25 million to settle allegations that the company misled its customers in tens of thousands of variable...more

Your daily dose of financial news The Brief – 5.4.16

by Robins Kaplan LLP on

MetLife, accused by regulators of misleading tens of thousands of customers about variable annuities—“a product that retirees seek out for safety,” will pay a $25 million dollar fine for its actions. It’s the second-largest...more

IREG Update - Insurers and big data

by Dentons on

Insurers and big data - Insurance companies are increasingly using “big data” to optimize all aspects of their businesses—from claims processing and marketing to underwriting and pricing. Recognizing this trend among...more

The Judicial Rescission of MetLife’s SIFI Designation and the Possible Implications of the SIFI Process for Reinsurers

by Carlton Fields on

The designation of MetLife as a systemically significant nonbank financial institution (SIFI) by the Financial Stability Oversight Council (FSOC) was recently rescinded by the United States District Court for the District of...more

Your daily dose of financial news The Brief – 4.8.16

by Robins Kaplan LLP on

The Deal Professor looks back on a wild week of “deal busting” that saw the government [often in the form of Treasury Secretary Jack Lew] put the hurt on Pfizer/Allergan and Halliburton/Baker Hughes alike –...more

Your daily dose of financial news The Brief – 3.31.16

by Robins Kaplan LLP on

MetLife went to the mats over its SIFI label . . . and it won big. A federal judge in D.C. yesterday rescinded the “too big to fail” designation for the insurer, though the government can appeal the decision. The decision...more

Life and Annuity Series: Captive Reinsurance Class Actions

by WilmerHale on

There have been several new class actions filed recently challenging “shadow insurance” transactions between life insurance companies and their “captive reinsurers.” Three of those class actions are in federal court in New...more

IREG Update - October 2015 #2

by Dentons on

Hot Topic - The FIO's criticism of state regulators regarding captive reinsurance framework - The Federal Insurance Office in its September 2015 "Annual Report on the Insurance Industry" criticizes state insurance...more

ERISA — 7th Circuit: Illinois State Law Ban On Discretionary Clauses Upheld

You already know about the big trend in states to ban discretionary clauses in insurance policies that fund ERISA benefits. Chalk up another circuit deciding to enforce the ban....more

New York Fines Two Major Insurers

by Carlton Fields on

Two recent Consent Orders issued by the New York State Department of Financial Services against major insurers appear to signal the Department’s enhanced focus on insurers’ detailed compliance with regulatory requirements....more

Considerations For Insurers In The Aftermath Of The MetLife Consent Decree

by Carlton Fields on

MetLife Consent Decree - On March 26, 2014, the New York Department of Financial Services (the "DFS") entered into a consent decree ("Consent Decree") with MetLife, Inc. and its subsidiaries, American Life Insurance...more

Legal Alert: Retained Asset Account Litigation—Summary Judgment Entered for MetLife

On March 8, 2013, the U.S. District Court for the District of Nevada, Judge Larry R. Hicks presiding, granted the defendant - insurer’s motions for summary judgment in the consolidated, putative class actions, Keife v....more

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