MetLife Inc. agreed to pay a huge fine and reimbursement of $25 million for making negligent misrepresentations and omissions that mislead tens of thousands of its retirement plan customers. $5 million of that will be used to reimburse customers for excess fees charged by the firm.
This is the 2nd largest fine ever levied in the regulation of retail financial service firms.
A few months ago MetLife agreed to sell its sales force to Massachusetts Mutual Life Insurance Company. I am concerned about the impact of that move on retail investors because you can’t improve quality of service by giving someone a different business card.
If you think you were affected, contact MetLife. If you aren’t sure get an independent opinion.