On September 30, 2005, the Court entered the Stipulation and Order signed by U.S. District Judge Thomas P. Griesa that pursuant to F.R.C.P. 41(a)(1). This action is dismissed without prejudice and without costs.
On June 8, 2005, the Court entered the Order by Judge Thomas P. Griesa granting the motion to appoint lead plaintiffs, approval of selection of co-lead counsel, and for consolidation.
The Complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements and failing to disclose material facts regarding the Company's financial performance throughout the Class Period that had the effect of artificially inflating the market price of the Company's securities.
The Complaint specifically alleges that during the class period MetLife failed to disclose that in order to steer business its way, the Company paid tens of millions of dollars of contingent commissions "kickbacks." In fact, on October 19, 2004, MetLife admitted that in 2003 alone, it paid $25 million in contingent commissions. In addition, MetLife also paid other fees for data processing, billing and "communication" services.
Note: this lawsuit was filed on behalf of all persons who purchased the securities of MetLife, Inc. between April 5, 2000, through 9:31 a.m., Eastern Time, October 14, 2004, inclusive.