LAWSUITS NEWS & LEGAL INFORMATION
Metropolitan Life Insurance Discrimination Settlement
Metropolitan Life Insurance Co. has agreed to a settlement with almost fifty-five hundred customers and former customers in Texas. The settlement comes from allegations towards the company of race-based pricing. The settlement will cost Metropolitan $1.6 million dollars. The payment comes as a part of a larger, national lawsuit against the company. Most of the people receiving money will be either Hispanic or African-American. The settlement comes after the Texas Department of Insurance accused Metropolitan Life Insurance of race-based pricing, particularly towards the two ethnic groups, in regards to both small face amount life insurance and industrial life insurance. According to the Department of Insurance, the time of the alleged racist practices happened before 1970, and the practices themselves started as a result of the larger insurance companies taking over smaller, more local insurance companies who had practiced race-based pricing and just continued to do so after they were taken over. Estimates put the amount of money that has been generated by settlements such as this in the state of Texas alone to be about $13.5 million, going to around 350,000 people. (Nov-13-02) [DALLAS BUSINESS JOURNAL]
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Published on Mar-22-05