METLIFE Retirement Plans INVESTIGATION

MetLife’s deceptive and misleading conduct steered investors to the company’s mutual funds and insurance policies instead of informing their clients of other investment alternatives that may have been more beneficial to the investor.

Background:

A proposed class action has been filed on behalf of investors who were uninformed of MetLife financial advisors’ conflict of interest which led advisors to recommend high-priced financial plans, instead of informing its clients of competing companies that may have offered better investment opportunities. By law, financial advisors are required to act in their client's best interests throughout the transaction, to perform all duties with reasonable care, and to disclose all material facts related to the transaction and its dealings. Investors rely on financial advisors to fulfill these responsibilities.

The class action is seeking a refund of all amounts paid to MetLife for the financial planning services purchased since the class period of January 2002 to present and a ruling to nullify the financial services contract. This lawsuit also works as a legal tool to deter MetLife from engaging in this activity in the future.

MetLife breached their duty to their clients to offer them the best investment advice possible. MetLife knew that fund alternatives existed, but steered their clients away from these other choices and instead acted in their own interests for financial gain. The class action also focuses on MetLife’s practice of pressuring its financial advisors to push investors towards MetLife’s financial plans by offering these employees financial incentives and forcing them to reach internal quotas by selling a minimum level of these products. The MetLife class action is challenging this type of dishonest behavior and is sending a message to the mutual fund industry that investors aren't willing to take this kind of abuse anymore – they instead are taking action.

What can you do?

If you have purchased a financial plan, advice or products through a MetLife financial advisor since January 2002, you may wish to speak to an attorney regarding your legal rights. For more information, click here to fill out an inquiry form or contact us toll-free at 1.800.755.0098. Zimmerman Reed is a law firm experienced in securities litigation and we welcome any questions you may have.