Money Management Executive
MetLife Being Probed for Possible Market Timing Abuses
March 09, 2004, 1:00 a.m. EST 1 Min Read
MetLife Inc.said Friday that the Securities and Exchange Commission requested information about the insurance giants possible late trading and market timing of both mutual funds and variable insurance products.
Drawing similarities to the probes into mutual fund companies that have uncovered rabid transgressions in trading practices, MetLife admitted the SECs information requests in its annual filing with the Commission.
This comes one month after State Street Research Investment Services, an arm of MetLife, settled for $1.5 million with the SEC for not halting market timing in a few of its funds.
In its filing, MetLife said, "The company is in the process of responding and is fully cooperating with regard to these information requests and investigation," adding that "systemic problems" are not present and will not harm the companys long-term position.
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Money Management Executive
