NEW YORK, July 21 /PRNewswire/ -- The notice process has begun in a pending class action against MetLife. The class action involves MetLife's April 2000 conversion from a mutual insurance company to a stock company. The nationwide class action certified by the Federal Court in New York includes more than 8.6 million current and former MetLife policyholders.
The notice of the class action will be mailed to more than 5 million current and former policyholders. The notice will also be published in two national newspapers. A more detailed notice is available at www.insuranceclassaction.net. Additional information is also at 800-961-8147.
The text of the mailed notice is set out below.
------------------------------------------------------------ United States District Court Eastern District of New York In Re MetLife Demutualization Litigation 00cv2258 (TCP) (AKT)
NOTICE OF CLASS ACTION
METROPOLITAN LIFE INSURANCE COMPANY ("MetLife Co.") POLICYHOLDERS WHO RECEIVED IN METLIFE CO.'S DEMUTUALIZATION AT LEAST (a) 11 TRUST INTERESTS OR (b) $156.75 IN CASH OR POLICY CREDITS.
YOU MAY BE A CLASS MEMBER IN THIS LAWSUIT AND YOUR RIGHTS COULD BE AFFECTED.
This notice describes (1) this class action lawsuit; (2) the class definition; (3) your right to share in any judgment or settlement, and the binding effect on you of any judgment or settlement if you do not exclude yourself from the class; (4) your right to be excluded from the class and how to exclude yourself; and (5) how to get more information.
This Lawsuit In April 2000, Metropolitan Life Insurance Company ("MetLife Co.") converted from a mutual insurance company to a stock company, called "demutualization." The suit is against MetLife Co. and MetLife, Inc. ("Defendants") by policyholders in the demutualization ("Plaintiffs"). Plaintiffs allege Defendants sent policyholders an information package that omitted material facts and contained false statements, to win the policyholders' vote to demutualize. Plaintiffs allege Defendants violated certain federal securities laws and damaged class members. Defendants deny plaintiffs' claims and are contesting the suit. Defendants believe they did not omit material information or make false statements to policyholders, and that class members were not damaged.
Class Members You received this notice because you may be a class member. In a class action, claims common to a group, called class members, are litigated together. The results bind all class members. Class members' rights will be affected by this lawsuit.
You are a class member if you received in MetLife Co.'s demutualization (a) 11 or more trust interests in MetLife, Inc. stock or (b) cash payment or policy credits of $156.75 or more.
Remaining a class member If you are a class member and do not exclude yourself (as described below), you will remain a class member. You will be represented by Lead Plaintiffs and Lead Counsel, Jared Stamell, Esq. You will share in any judgment and be bound by the Court's decisions, whether favorable or unfavorable. You will not be personally liable for attorneys' fees or other expenses. You may not bring your own suit for the same claims. (If you wish, you may be represented in this class action by your attorney at your own expense.)
Excluding yourself You can exclude yourself from the class. If you exclude yourself, you will not share in any judgment in the case or be bound by the Court's decisions, and may pursue your own claim against Defendants individually, at your own expense.
TO EXCLUDE YOURSELF, YOU MUST MAIL BY September 8, 2009 a signed, dated statement (with your name, the policy owner's name (if different from your name), policy number, your address and telephone number) saying you exclude yourself from the MetLife Demutualization Litigation to: MetLife Demutualization Litigation, Notice Administrator, c/o Gilardi & Co LLC, P.O. Box 808054, Petaluma, CA 94975-8054
More Information This notice does not describe all the lawsuit's details. All papers filed in this case can be inspected at: Clerk, U.S. District Court, 100 Federal Plaza, Central Islip, NY 11722. Additional information, including a more detailed notice, is at: WWW.INSURANCECLASSACTION.NET
DO NOT ADDRESS QUESTIONS TO THE CLERK OF THE COURT OR THE JUDGE.
DO NOT CALL METLIFE OR YOUR AGENT ABOUT THIS NOTICE OR THE CASE.
FOR QUESTIONS VISIT WWW.INSURANCECLASSACTION.NET OR CALL 800-961-8147.
------------------------------------------------------------ CONTACT: STAMELL & SCHAGER JARED B. STAMELL, 212-566-4047
|SOURCE Law firm of Stamell & Schager, LLP|
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