Police Officers File Suit Against Metropolitan Life Insurance Company Alleging Fraud in the Sale of Life Insurance.
The lawsuit was filed in Supreme Court in Albany, New York, on April 20, 1999. The complaint alleges that the policyholders were defrauded by Metropolitan Life Insurance Company when they were misled into purchasing life insurance through representations that the policies would only require payment of premiums for a certain number of years before the policies would be paid up and would not require the payment of any additional premiums. This scheme is commonly known as the "vanishing premium" scheme. The complaint alleges that Metropolitan Life Insurance Company engaged in this scheme on a nationwide level to defraud its policyholders.
The Plaintiffs who have sued Metropolitan Life Insurance Company are Leonard N. Bowen, John DeMio, William M. Dippo, William F. Doty, Sr., Brenda Enfield, Kenneth F. Enfield, Gary Ethier, Lisa Ethier, Michael Fonda, Tia Grugan, Paul J. Iachetta, Theresa Iachetta, Kevin J. Keeler, Paul A. Kubik, Carol Meaker, James A. Meaker, Charles C. Miranda, Beverly A. Cook, Robert J. Peplowksi, Anthony Pucci, James P. Young and Raymond W. Heslin, Sr., the Chief of Police of the Cohoes Police Department.
John Yanchunis, an attorney with the Tampa, Florida law firm of James, Hoyer, Newcomer, Forizs & Smiljanich, P.A., stated that "the claims which are the subject of this suit are similar to those which are presently the subject of investigation by insurance regulators of several states, including New York." Yanchunis said that Metropolitan Life Insurance Company is under investigation by insurance regulators of several states, including New York. Mr. Yanchunis stated that as recently as 1998, Metropolitan Life Insurance Company paid a fine of $800,000 and agreed to make restitution to policyholders in Connecticut who were defrauded through churning and vanishing premium sales schemes. Mr. Yanchunis stated further, "while the police officers were protecting the community of Cohoes, no one was protecting the police officers from Metropolitan Life Insurance Company."
The law firm of James, Hoyer, Newcomer, Forizs & Smiljanich, P.A. is based in Tampa and has an office in St. Petersburg. The law firm maintains a litigation practice specializing in consumer fraud, qui tams, and class actions.
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|Date:||Apr 21, 1999|
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