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Class Action Lawsuit Filed on Behalf of Retirees Claiming That MetLife Took More Than $500 Million of Their Pension Benefits by Berman Tabacco and Bailey & Glasser

Berman Tabacco and Bailey & Glasser LLP, two of the leading law firms
representing investors and consumers nationwide, have filed a class
action lawsuit against MetLife, Inc. (NYSE:MET) and certain of its
affiliates (collectively, “MetLife” or the “Company”) on behalf of
retirees who were allegedly unfairly denied timely payment of their
pension benefits over the last 25 years.

The suit, filed in the United States District Court for the Southern
District of New York, alleges that MetLife has publicly acknowledged
that it failed to keep track of pension annuity beneficiaries
(“beneficiaries”), failed to contact them, and failed to pay them their
benefits when due for as long as 25 years. Instead of paying the pension
annuity benefits to beneficiaries or turning them over to states under
unclaimed property law, MetLife allegedly kept the money and has
acknowledged that it owes as many as 30,000 beneficiaries more than $500
million in annuity benefits.

The suit also alleges that after some feeble attempts to contact
beneficiaries, MetLife closed its files and kept the money for itself.
Now, years later, the suit alleges that MetLife has promised to try
harder to reunite the retirees with their money.

The lawsuit claims that MetLife’s methods for notifying beneficiaries of
their eligibility for pension benefits appear designed to ensure that
many retirees would never be paid so that MetLife could convert the
payments to its own use. The suit alleges that MetLife acknowledges that
it made only two attempts to contact these pension beneficiaries – one
at age 65 and the only other at age 70.5 – and made no effort to locate
individuals if the mailings were returned as undeliverable. If the
beneficiary did not respond to this half-hearted outreach, plaintiffs
alleged, that it was MetLife’s practice to convert the reserve for these
benefits and treat the beneficiaries’ retirement benefits as income to
itself. It is alleged that MetLife’s notices did not even identify the
former employer of the retirees.

MetLife has revealed 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.

Berman Tabacco and Bailey & Glasser bring this class action to obtain
damages and other relief for these forgotten retirees, and to remedy the
harm caused by MetLife’s alleged conversion of these annuity pension
benefits to its own use. If you have any information relevant to this
lawsuit, or if you have questions about this lawsuit please contact:
Mark Delaney of Berman Tabacco at (617) 542-8300 or mdelaney@bermantabacco.com;
or Gregory Porter of Bailey & Glasser at 202-463-2101 or gporter@baileyglasser.com
or visit https://www.metlifemissingpensions.com/

View source version on businesswire.com: https://www.businesswire.com/news/home/20180619006484/en/