MetLife Charged in Massachusetts Over Missing Pension Payments

MetLife Inc. allegedly made misleading statements in its public filings over its failure to make pension payments to hundreds of retirees, according to a Massachusetts regulator.

MetLife’s negligent administration of its pension risk transfer business caused the insurer to make materially misleading statements in its public filings in violation of state securities law, Secretary of Commonwealth William F. Galvin alleged June 25 in an administrative complaint filed in Massachusetts’ Director of the Securities Division.

Galvin’s latest action comes months after he announced his office would investigate MetLife over its failure to distribute pension benefits to 13,500 recipients. Earlier this year, ...