MetLife And Investment Firm BlackRock Sued Over Subprime-Linked Losses
Losses linked to subprime mortgages led New York based- Israel Discount Bank to sue Metropolitan Life Insurance Co. and investment management firm BlackRock Inc.
According to the Bank, losses, which amount to $2 million, resulted from a breach of contract as well as breach of fiduciary duty. The Bank also noted MetLife’s refusal to honor the bank’s request to move its investments out of risky subprime investments.
Israel Discount Bank says that MetLife’s failure to honor their request was due to “liquidity” issues that affected other investors.
MetLife is the largest life insurer in the U.S.
Page Perry, LLC is an eight lawyer Atlanta-based law firm with over 125 years collective experience representing investors in securities related litigation and arbitration. While past results are not necessarily indicative of future success, Page Perry’s attorneys have recovered over $1,000,000 for clients on more than 30 occasions. The firm is currently involved in representing both institutional and retail investors who lost money in the collapse of the sub-prime mortgage market and related structured investments, including the Bear Stearns hedge funds and Morgan Keegan bond funds. For further information, please contact us.
