Metlife

The case arose out of the demutualization of insurance giant Metropolitan Life Insurance Co., where policyholder-members exchanged for consideration their interests in that mutual company for shares (or a cash equivalent) in a new stock company – MetLife, Inc. Plaintiffs alleged that class members were compensated for tendering their membership rights for an amount significantly below the actual value per share because MetLife failed to disclose the true value. Plaintiffs brought claims on behalf of the class under Section 10(b) of the Securities Exchange Act of 1934, as well as Rule 10b-5 promulgated thereunder, and Section 12(a) of the Securities Act of 1933. Berman Tabacco played a co-lead role in preparing and trying the case. After nearly 10 years of active litigation, Berman Tabacco took the lead in successfully negotiating a $50 million settlement, which was reached as the jury was being sworn in and opening statements were set to commence.