According to a press release dated February 5, 2007, on January 31, 2007, a class action lawsuit was filed against Metropolitan Life Insurance Company, MetLife Securities , Inc. and MetLife Investment Advisors Company, LLC. The complaint alleges, among other things, violations of federal securities laws Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, as well as Section 206 of the Advisors Act. The class includes those individuals who invested in proprietary mutual funds wholly owned by MetLife (including, but not limited to, State Street Research and/or CDC Nvest Funds), and/or clients who purchased MetLife proprietary term life insurance products.
On April 27, 2007, an Order Appointing Lead Plaintiffs And Approving Lead Plaintiffs Selection Of Lead Counsel was approved by the court.
On April 27, 2007 the judge appointed lead plaintiffs in the case and approved their selection of lead counsel. Shortly after, on May 9, 2007, the judge entered an order staying discovery against MetLife until further notice. On August 31, 2007 the plaintiffs entered a motion for leave to file a Second Amended complaint against the defendants, which they filed 4 days later on September 4, 2007. The defendants responded by filing a sealed motion to dismiss on September 24, 2007.
On August 31, 2009, an order conclude that all prerequisites to the application of the brokerdealer exception, 15 U.S.C. § 80b-2(a)(11)(C) were satisfied as a matter of law. MetLife’s motion for summary judgment was accordingly granted. A subsequent judgment was entered reflecting the summary judgment.
On September 29, 2009, a notice of appeal was to the United States Court of Appeals for the Tenth Circuit from the District Court’s ruling on the following: (1) Minute Order denying Plaintiffs’ Motion for Leave to Amend the Second Amended Complaint to add five additional Plaintiffs to serve as named Plaintiffs entered on April 24, 2008. (2) Order granting Defendant MetLife's Motion for Summary Judgment entered on August 31, 2009. (3) Judgment in favor of Defendants MetLife Securities Inc, Metropolitan Life Insurance Company, and against plaintiffs, Amanda Thomas, Robert L Thomas entered on August 31, 2009.
On February 02, 2011, an opinion and judgment were issued by the Tenth Circuit United States Court Of Appeals affirming the decision of the Western District of Oklahoma.