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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: May 19, 2000
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(Date of earliest event reported)
MetLife, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-15787 13-4075851
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(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
One Madison Avenue, New York, New York 10010-3690
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(212) 578-2211
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Item 5. Other Information.
On May 19, 2000, New England Life Insurance Company (doing business as New
England Financial), a subsidiary of MetLife, Inc., a Delaware corporation,
issued a press release, a copy of which is attached hereto as Exhibit 99.1 and
is incorporated herein by reference.
Item 7. Exhibits.
99.1 Press Release of New England Life Insurance Company (doing business as
New England Financial), a subsidiary of MetLife, Inc., dated May 19,
2000.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
METLIFE, INC.
By: /s/ Gwenn L. Carr
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Name: Gwenn L. Carr
Title: Vice-President and Secretary
Date: May 22, 2000
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EXHIBIT INDEX
Exhibit
Number Exhibit
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99.1 Press Release, dated May 19, 2000.
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Exhibit 99.1
[NEF LOGO]
NEF Contact: Counsel for Plaintiffs:
Peter Harrington Barry Weprin, Esq
617-578-2729 212-594-5300
PROPOSED SETTLEMENT IN MULTI-DISTRICT
SALES LITIGATION
BOSTON, MA. - New England Financial and lead attorneys for plaintiffs and the
class in a multi-district class-action lawsuit today (May 19) announced a
proposed settlement of nationwide litigation involving alleged improper sales
practices in connection with individual life insurance policies issued by the
company. The class-action settlement, if approved by the court, covers some
600,000 current and former policyholders who purchased New England Financial
products between January 1, 1983 and August 31, 1996. In resolving these cases,
New England Financial does not acknowledge any legal wrongdoing.
The multi-district litigation, which consolidates 11 separate suits into a
single settlement, has been pending for about four years in U.S. District Court
in Boston.
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The total value to policyholders of the proposed settlement approximates $172
million, based on analysis provided by actuarial experts retained by the
parties. The most common sort of relief policyholders will receive is additional
insurance coverage for a period of time from 18 months up to 59 months. Reserves
for the estimated cost of the settlement already have been established and are
reflected in the company's present financial statements.
"What's satisfying about this settlement is that it provides our policyholders
valuable benefits while easing the disappointment that the investment climate
didn't allow us to meet some of their expectations," said James Benson, Chairman
and Chief Executive Officer of New England Financial.
"I am gratified that after four years of hard fought litigation, we were able to
achieve such a satisfying result for New England's policyholders," said Melvyn
I. Weiss, Lead Counsel for the Plaintiff's class.
The proposed settlement, similar to those entered into by other major life
insurance companies facing comparable allegations, is comprised of two forms of
relief.
- The first is Settlement Death Benefits, which are available
automatically at no cost to all class members who do not elect
claim evaluation and which would provide a cash payment if the
insured dies during the period the benefit is in effect. This
relief is automatic and does not require class members to prove
their case.
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- The second form of relief is Claim Evaluation, in which class
members must submit documentation to a neutral claim evaluator
showing that they have been harmed by actual misrepresentations.
Successful claimants will receive compensation based on the
strength of their claims.
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