MetLife – Misleading Annuity Customers
MetLife Looking at Record $25 Million FINRA Fine for Allegedly Misleading Variable Annuity Customers
MetLife Inc., one of the biggest brands in life insurance, allegedly misled tens of thousands of customers regarding a product that retirees seek out for safety, according to statements from FINRA regulators currently under review by attorneys Alan Rosca and Joe Peiffer.
FINRA levied a near-record $25 million fine against MetLife, which allegedly failed to assist customers properly compare old and new versions of variable annuities, which led some clients to give up versions of products that cost less and had more-generous features than new ones, FINRA further alleges.
The Peiffer Rosca Wolf securities lawyers are currently investigating MetLife’s alleged practices of misleading variable annuity customers.
MetLife Allegedly Overstated the Cost of a Customer’s Existing Variable Annuity Contract from Time to Time, Sometimes Increasing a Customer’s Cost by 2 Percent
MetLife sometimes allegedly overstated the cost of a customer’s existing variable annuity contract, which in some cases increased a customer’s cost by 2% annually, according to the recent FINRA settlement presently being examined by attorneys Alan Rosca and Joe Peiffer.
MetLife also allegedly occasionally failed to tell customers a proposed replacement would reduce or eradicate features of their existing variable annuity, FINRA notes.
One should also note that MetLife neither admitted nor denied the FINRA findings, which concerned alleged violations between 2009 and 2014, according to the settlement.
Securities Lawyers Investigating
The Peiffer Rosca Wolf securities lawyers are currently investigating MetLife’s alleged practice of misleading tens of thousands of customers regarding a product that retirees seek out for safety. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
The Peiffer Rosca Wolf securities lawyers are currently investigating MetLife’s alleged failure to assist customers properly compare old and new versions of variable annuities. Investors who believe they lost money as a result of MetLife may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at 888-998-0520.