Lawsuit Filed in the Wake of MetLife’s Failure to Keep Track of Retirees

Earlier this year we reported on MetLife’s failure to pay retirees to whom it owed benefits resulting from pension de-risking transfers.  A lawsuit has now been filed against MetLife by Edward Roycroft, a former Martindale-Hubbell employee who retired in 1999.  Roycroft was supposed to receive his benefits in 1999, but MetLife did not pay him his benefits until 2013.  Styled as a class action, the lawsuit includes claims of conversion and unjust enrichment and alleges damages to the class in excess of $500 million. The case is styled as Roycroft v. MetLife, Inc., 18-cv-05481 (S.D.N.Y.).  The Commonwealth of Massachusetts, Securities Division, has also charged MetLife with fraud for making materially misleading statements in public filings causing harm to investors.