MetLife agrees to pay a $10 million fine to settle allegations it didn't make pension payments — and even mistakenly declared some workers deceased
The mistakes included insufficient practices that in some cases prematurely marked workers as deceased. For more than 25 years, MetLife's practice was to "presume annuitants had died or otherwise would never be found if they did not respond to only two mailing attempts" made more than five years apart, according to the SEC. MetLife also overstated reserves while understating income related to variable annuities, according to the SEC.
"Investors are entitled to the reliability and accuracy of financial information," said Marc Berger, Director of the SEC's New York Regional Office, "The Commission found that MetLife's insufficient internal controls caused longstanding accounting errors." The penalty fine from the SEC comes after two agreements that MetLife reached with state authorities in Massachusetts and New York over miscalculated pension payments,MetLife shares were little changed on the news, and are up
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
MetLife Agrees to $10 Million SEC Fine Over Pension-Related Accounting ViolationsMetLife has agreed to pay $10 million to settle Securities and Exchange Commission allegations that it violated internal accounting controls related to reserves associated with its annuities businesses.
Leer más »
Here's what $10 million worth of rare whisky looks likeThe largest whisky collection in the world, which consists of 3,900 bottles, is going up for auction in 2020. Richard Gooding, the late owner of the collection, spent two decades gathering the rarest bottles of single malt Scotch whisky in the world. While the sales could total more than $10 million, some bottles, including the 60-Year-Old Macallan 1926 Fine and Rare, could be sold for more than $1 million each.
Leer más »
MetLife Agrees to $10 Million SEC Fine Over Pension-Related Accounting ViolationsMetLife has agreed to pay $10 million to settle Securities and Exchange Commission allegations that it violated internal accounting controls related to reserves associated with its annuities businesses.
Leer más »
How One Fruitcake Shop Became A Multi-Million Dollar BusinessThis fruitcake recipe launched a multi-million dollar business See how on Business Insider Today:
Leer más »
These are the best photos Business Insider took in 2019 - Business InsiderThe year in pictures: From iconic IPOs to the backstage of Carnegie Hall, these are the best photos from Business Insider in 2019
Leer más »
Ruth Wilson Left The Affair over Nude Scenes and ‘Very Toxic’ Environment: ReportInsiders are now detailing the alleged reasons behind Ruth Wilson's decision to leave the Showtime series
Leer más »