The LARGEST FINRA FINE ABOUT ANNUITIES –METLIFE
The Financial Industry Regulatory Authority (FINRA) has filed MetLife Securities, Inc. $20 million and ordered it to pay $5 million to its customers for misrepresenting its variable annuities. FINRA investigated Metlife’s annuities sales practices from 2009-2014 and found that Metlife had:
• Generated at least $152 million in commissions from 2009-2014 by convincing investors to replace one annuity with a Metlife annuity
• Misrepresented to customers that their existing annuities were more expensive than Metlife annuities
• Misrepresented to investors that their existing annuities performed worse than Metlife annuities
• Failed to supervise annuity replacements, thereby allowing brokers to switch customers from one annuity to another annuity
• Approved 99.79 percent of all variable annuity replacement applications, despite inaccurate information on most of them
• Sent its customers quarterly account statements that misrepresented that no fees were charged when, in fact, there were large fees
If you own a Metlife annuity and believe you were misled into surrendering another annuity to buy a Metlife annuity, please contact us by calling me at or completing and submitting the form at the bottom of this page.
Dedicated to Recovering Your Losses
Her recent cases include a settlement for $200,000,000, and she is willing to dedicate the time and energy necessary to fight your case with equal vigor to ensure you receive justice.
If you’ve lost money due to fraud or an investor that chose to not work in your best interest, contact your attorney today. And when you want and expect the best from your lawyer, you turn to Diane A. Nygaard.ABOUT DIANE
It is difficult to believe that someone you have trusted with your savings might have abused that trust. However, the securities laws require active supervision of all investment advisors. Most cases I have handled could have been prevented had the brokerage firm or advisory firm complied with the supervisory regulations. Cases can proceed against the firm. It is not legally necessary to name the individual broker.
Diane Nygaard, P.A.
Success for Investors
Diane A. Nygaard was co-counsel in this shareholder derivative case that resulted in a $200 million class action settlement on behalf of former stockholders of Kinder Morgan, Inc. (KMI). In Re Kinder Morgan. Inc. Shareholders Litigation, Consol. Case No. 06 C 801, District Court of Shawnee County, Kansas. A buyout group lead by KMI’s largest stockholder and Chairman, Richard Kinder, […]
In August, 2011, Diane Nygaard arbitrated and won a case against Oppenheimer Securities for an investor who had a realized loss of $187,000 on speculative securities that his Oppenheimer broker sold to him as “safe and liquid” investments. The panel awarded the investor the amount of his losses, attorneys’ fees, expert witness fees, and interest from February 2008 to the […]
In October, 2013, Mrs. Nygaard prevailed against Ameriprise for a retired businessman. The Panel required Ameriprise to buy back all the REITs the Ameriprise broker sold the investor for their purchase price of $650,000, and ordered Ameriprise to repay him an additional $126,000 for the fees, commissions, and payments made to Ameriprise for “financial plans”, and the expenses of the […]