Earlier this month, MetLife Inc. agreed to pay a $25 million fine to settle an investigation into abuses tied to variable annuity sales. This was the highest ever penalty for the sale of those products, according to the Financial Industry Regulatory Authority (FINRA). This includes a $20 million fine and $5 million to be paid to customers for “negligent” misrepresentation and omissions, according to a FINRA statement. Firms such as MetLife that engage in the sale of variable annuities must ensure that the information it gives its clients is accurate when determining the costs and benefits of those products. If the firm does not, it can be held liable for money losses. FINRA has had increased scrutiny of variable annuity sales, as they can be complex, risky and illiquid products, and are not suitable for all investors. If you purchased a MetLife variable annuity, or one was recommended to you by a MetLife broker, please call 312-332-4200. We are securities attorneys who may be able to help you bring a claim against the brokerage firm in order to recover your money losses on a contingency fee basis. We sue firms in the arbitration forum.
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