Metlife, 20 states reach settlement near $500M
(AP) – MetLife Inc. has agreed to pay nearly $500 million in a 20-state settlement over allegations it didn’t pay life insurance benefits to some of its 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. It’s not immediately known how much other states 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 in a statement that it has been working with regulators to ensure all of its policyholders are paid.