MetLife Securities Litigation
HomeCase DocumentsContact UsFile Claim

WELCOME TO THE METLIFE SECURITIES LITIGATION WEBSITE

This website has been established to provide general information related to the MetLife Securities Litigation.

This is a securities class action against MetLife, Inc. ("Metlife" or the "Company"), certain of MetLife’s current and former officers and directors, and certain of the underwriters involved with the offerings of MetLife common stock on August 3, 2010 and March 4, 2011 (the "Offerings"), for alleged misrepresentations and omissions made in connection with the Offerings and during the Class Period (defined below). The case is presently pending before the United States District Court for the Southern District of New York (the “Court”) and is entitled City of Westland Police and Fire Retirement System v. MetLife, Inc., et al., Civil Action No. 1:12-cv-00256-LAK (the “Litigation”).  The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated June 8, 2020, which can be found here.

The law firm of Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) represents you and other Members of the Classes. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

As more fully described in the Notice of Proposed Settlement of Class Action (the "Notice"), the initial complaint in this action was filed on January 12, 2012.   On March 29, 2012, the Court appointed Central States, Southeast and Southwest Areas Pension Fund (“Central States”) as Lead Plaintiff and Robbins Geller as Lead Counsel. 

Two plaintiff classes (the “Classes”) have been certified by the Court.  

The Securities Act of 1933 class (the “1933 Act Class”) is defined as follows:

All persons who purchased or acquired MetLife common stock in the Company’s August 3, 2010 Offering at $42.00 per share or the Company’s March 4, 2011 Offering at $43.25 per share. Excluded from the 1933 Act Class are: (i) Defendants and their families; (ii) the officers and directors of MetLife at all relevant times; (iii) members of their immediate families; (iv) their legal representatives, heirs, successors or assigns; and (v) any entity in which Defendants have or had a controlling interest. For the avoidance of doubt, any “Investment Vehicle” shall not be excluded from the 1933 Act Class.

The Securities Exchange Act of 1934 class (the “1934 Act Class”) is defined as follows:

All persons or entities who purchased or otherwise acquired MetLife common stock between February 9, 2011, after the publication of MetLife’s fourth quarter and full year 2010 results, and October 6, 2011, inclusive (the “Class Period”), and who were damaged by certain Defendants’ alleged violations of the Securities Exchange Act of 1934. Excluded from the 1934 Act Class are: (i) MetLife; (ii) the Individual Defendants; (iii) the Underwriter Defendants; (iv) the members of the immediate families of each Individual Defendant; (v) any entity in which any Defendant has or had a controlling interest; (vi) the officers and directors of MetLife; and (vii) the legal representatives, heirs, successors or assigns of any such excluded party.  For the avoidance of doubt, any “Investment Vehicle” shall not be excluded from the 1934 Act Class.

Also excluded from the Classes is any Member of the Classes who timely and validly requested exclusion in accordance with the requirements set by the Court in connection with the Notice of Pendency of Class Action previously provided to the Classes.

The alleged violations of the Securities Act of 1933 are brought against MetLife, certain of MetLife’s current and former officers and directors, and certain of the underwriters involved with the Offerings of MetLife stock.  The alleged violations of the Securities Exchange Act of 1934 are brought against MetLife and certain of MetLife’s current and former officers and directors.  Defendants deny all of Lead Plaintiff’s allegations. 

While vigorously litigating this case for nearly eight years, Lead Plaintiff and Defendants engaged the services of the Honorable Layn R. Phillips (Ret.), a retired United States District Court Judge and an experienced mediator. On March 12, 2020, the Settling Parties reached an agreement in principle to resolve the Litigation for $84 million, subject to the negotiation of the terms of a Stipulation of Settlement and approval by the Court.

If you or someone acting on your behalf purchased or otherwise acquired MetLife common stock in the Offerings, and/or during the Class Period and were damaged by Defendants’ alleged violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934, unless you are a person or entity excluded above, you are a Member of the Classes entitled to participate in any benefits that may eventually be obtained for the Classes as a result of this Litigation.

WHAT DOES THE SETTLEMENT PROVIDE?

The Settlement, if approved, will result in the creation of a cash settlement fund of $84,000,000 (the “Settlement Amount”). The Settlement Amount, plus accrued interest (the “Settlement Fund”) and minus the costs of the Notice and all costs associated with the administration of the Settlement, as well as any attorneys’ fees and expenses that may be approved by the Court (the “Net Settlement Fund”), will be distributed to eligible Members of the Classes pursuant to the Plan of Allocation that is described in the Notice.

ADDITIONAL INFORMATION

Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A PROOF OF CLAIM AND RELEASE The only way to be eligible to receive a payment from the Settlement. Proofs of Claim and Release must be postmarked (if mailed) or received (if submitted online) on or before February 26, 2021.
OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION Write to the Court about why you do not like the Settlement, the Plan of Allocation and/or the request for attorneys’ fees and expenses. Objections must be received on or before February 26, 2021.
PARTICIPATE IN A HEARING ON APRIL 14, 2021, AND FILE A NOTICE OF INTENTION TO APPEAR Ask to speak in Court about the fairness of the Settlement. Requests to speak must be postmarked on or before February 26, 2021. If you submit a written objection, you may (but you do not have to) attend the hearing, either in person or by telephone, as required or allowed by the Court.
DO NOTHING Receive no payment. You will, however, still be a Member of the Classes, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Person about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation.

IMPORTANT DATES AND DEADLINES

Submit Proof of Claim: February 26, 2021
File Objection: February 26, 2021
File Notice of Intention to Appear: February 26, 2021
Settlement Fairness Hearing: April 14, 2021, at 10:00 a.m.