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MetLife Settles With N.Y. AG

MetLife Insurance Co., the nation's largest group life insurer, reached a final settlement with the New York State attorney general's office Dec. 29, concluding an investigation into allegations the insurer engaged in bid rigging and client steering to illegally inflate its profits. MetLife agreed to pay restitution of $16.5 million to policyholders without admitting any wrongdoing.

According to a statement released by the New York AG's office, MetLife instructed its sales personnel to offer brokers bonus compensation if they met certain targets for directing business to the company.

staff Writer

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