A federal judge threw out a lawsuit claiming MetLife Inc. unfairly profited from the account of a policy beneficiary, while saying the company-described money- market account the life insurer uses to pay claims has an “inherently deceptive” name.
The package arrived at Cindy Lohman’s home in Great Mills, Maryland, just two weeks after she learned that her son, Ryan, a 24-year-old Army sergeant, had been killed by a bomb in Afghanistan. It was a thick, 9-inch-by- 12-inch envelope from Prudential Financial Inc ., which handles life insurance for the Department of Veterans Affairs.
Bank of America Corp., JPMorgan Chase & Co. and three other banks agreed to pay $25 million to New York to resolve some monetary claims over the use of a mortgage database after reaching a $25 billion national settlement over foreclosure practices.
Regulators in three U.S. states have started or widened examinations of how life insurers pay beneficiaries after a federal judge described MetLife Inc. ’s marketing of asset accounts as “inherently deceptive,” even as he dismissed the underlying suit against the company.
Galleon Group LLC co-founder Raj Rajaratnam’s arrest for insider trading in October 2009 made a former Advanced Micro Devices Inc. employee afraid the U.S. suspected him of passing tips to the fund, he said.
Raymond James Financial Inc. will pay $300 million to clients who bought auction-rate securities, moving to resolve regulators’ claims that the firm misled investors about risk before the market froze three years ago.