$32.5M settlement to be paid by MetLife Securities Inc.

MetLife Securities Inc.

A settlement of $32.5 million is approved in the class action lawsuit against MetLife Securities Inc. Under the terms of the settlement, about 690 class members will receive $25.35 million.

Actually, it was in May 2015, when Marcus Creighton filed a lawsuit against MetLife Securities Inc. It’s worth noting that the plaintiff used to work for MetLife in Illinois. It occurred between 2001 and October 2014. The suit accuses MetLife of violating federal civil rights law. That’s to say, the complaint says the company discriminated African-American brokers.  In other words, the suit claims that the company gave its African-American employees few opportunities to work with non-African-American workers. It resulted in their restricted training opportunities. As a consequence, they didn’t get good accounts.

Details

According to the complaint, the management team of  MetLife Securities Inc. consists of ‘’nearly all-white’’ employees. Thus, they have quite stereotypical, as well as ‘’racially biased’’ views concerning the potential of African-American workers, as the suit states. So, this has a negative impact on decision-making process concerning the personnel.

In addition to that, the suit says the company usually gives its financial services representatives the opportunity of forming teams with their colleagues. During this process, they combine their client accounts. It’s worth noting that the complaint refers to the full exclusion of African-American employees from favorable teaming relationships. Furthermore, the complaint notes the company doesn’t allow African-American employees to benefit from profitable business opportunities. This means that they don’t have a chance to participate in a special training program, known as ‘’Delivering the Promise.’’ Plaintiffs also point out that MetLife Securities Inc. pays its African-American financial representatives less money if compared with its non-African-American colleagues.
According to the settlement, the plaintiff will receive $75,000, while other six employees who joined the suit will get $50,000.
Actually, the settlement applies to any African-American financial representative from the U.S. who worked for MetLife Securities Inc. or New England Life Insurance Co. from May 15, 2011, to July 1, 2016.

 

About MetLife Securities Inc.

As a matter of fact, the foundation of the company goes back to 1868. MetLife is one of the largest providers of insurance, as well as annuities and employee benefit programs throughout the world. It can boast with over 90 million customers from 60 countries. MetLife has a leading position in the markets of U.S., Japan, Europe, etc.

 

 

 

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