MetLife hit with $10m SEC fine after failure to pay pensions

Pedro Gonçalves
MetLife hit with $10m SEC fine after failure to pay pensions

MetLife Inc. has agreed to pay $10m to settle Securities and Exchange Commission allegations of longstanding internal controls failures. For close to three decades, MetLife had a policy of assuming customers had passed away or could not be found if they did not respond to two mailings that were made five and a half years apart, according to an SEC statement made on Wednesday. This practice - called pension risk transfer - allegedly put more profits in MetLife's pocket since the firm cou...

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