» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 127 | NO. 80 | Tuesday, April 24, 2012

MetLife, States Reach Settlement Near $500M

GREG RISLING | Associated Press

Print | Front Page | Email this story | Comments ()

LOS ANGELES (AP)MetLife Inc. has agreed to pay nearly $500 million in a multi-state settlement over allegations it didn't pay life insurance benefits to some of policyholders.

The largest life insurer in the United States said Monday that it expects to pay about $188 million of the approximate $478 million this year, and the remainder over the next 17 years.

California's share is expected to be about $40 million. More than 30 states are involved in the settlement and it's not known how much they will receive.

California Controller John Chiang says a state investigative hearing held last year revealed MetLife had information about the deaths of some beneficiaries but failed to pay what was owed.

MetLife says it has been working with regulators to ensure all of its policyholders are paid.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 76 166 10,044
MORTGAGES 105 195 13,070
FORECLOSURE NOTICES 5 40 2,578
BUILDING PERMITS 216 370 23,894
BANKRUPTCIES 82 152 9,685
BUSINESS LICENSES 42 51 3,654
UTILITY CONNECTIONS 103 264 14,227
MARRIAGE LICENSES 29 53 3,116

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.