As part of MetLife Securities, Inc.'s industry-record sanction and $20 million fine for variable annuity replacement misrepresentations and omissions, FINRA ordered the firm to set aside $5 million in compensation for customers harmed by the VA-related misconduct.
Specifically, FINRA ordered MetLife to set aside these funds for investors who purchased a MetLife, Inc. variable annuity through a VA-to-variable annuity replacement transaction between 2009 and 2014, requiring the firm to develop a plan to distribute compensation to eligible customers, who, according to the order, will be notified on or before August 31, 2016, unless an extension is granted.
FINRA also issued a notice to investors that, "Accepting compensation under this settlement does not foreclose your ability to pursue arbitration or mediation if you believe you have suffered losses. You should consult an attorney as to your rights."
This means that even though MetLife has been ordered to pay compensation to harmed investors, those same investors still retain the right to pursue claims against MetLife to recover damages and losses, even if the investors accept the compensation ordered under the FINRA settlement.
If you have invested with MetLife Securities or with a broker or financial adviser through MetLife in replacement variable annuities whose marketing or sales were conducted through misrepresentations, omissions of material fact or other inaccurate and improper transactions or tactics, and such misconduct and negligence has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.