MetLife Inc. agreed to pay $25 million to settle a probe of abuses tied to variable annuities, the highest-ever penalty for those products by the Financial Industry Regulatory Authority.
The sum includes a $20 million fine and $5 million to be paid to customers for “negligent” misrepresentation and omissions, according to a statement Tuesday from Finra, a brokerage regulator funded by the finance industry. The largest U.S. life insurer neither admitted nor denied wrongdoing.
