Keeping Track of Your Annuity Benefits

Recent news regarding the failure of insurance companies to keep track of those to whom it owes money makes it all the more important that consumers keep track of their benefits.  In December, 2017 MetLife revealed that it had failed to pay some 30,000 people to whom it owed retirement benefits.  In February, 2018 Prudential stated that it was also having difficulty locating certain retirees to whom it owed benefits. A lawsuit has been filed against MetLife in the wake of its failure to keep by a former employee of Martindale-Hubbell. Styled as a class action, the lawsuit alleges more than $500 million in damages. The action, styled as Roycroft v. Metlife, 18-cv-05481 is pending in federal court in the Southern District of New York.  The Commonwealth of Massachusetts, Securities Division, has also charged MetLife with fraud for making materially misleading statements in public filings causing harm to investors.