Christine Ramirez told Fox 11 News reporters in a video published August 31, 2016 that justice was done in a recent financial fraud case against MetLife. The Los Angeles Superior Court jury awarded almost $16 million to Ramirez in the case. Watch the video now. Attorneys Richard Donahoo of Donahoo & Associates, PC and Thomas Foley of Foley Bezek Behle & Curtis LLP were co-lead counsel for the case.
Donahoo said in the interview that MetLife agents were allowed to “pitch a product that was an unregistered security, which was not safe, which was not approved.” The firms have more than 90 additional clients that are pursuing similar cases against the defendants, reports Fox 11, many of them retirees like Christine Ramirez.
According to Thomas Foley, “The message is Wall Street has to supervise the people who are are out there selling retirement products, stocks and bonds to consumers, particularly senior citizens.”
The jury awarded Ramirez $10 million in punitive damages from MetLife Inc., $2.5 million in punitive damages from New England Securities, $2.5 million in punitive damages from New England Life Insurance Co., and $330,000 in punitive damages from Tony Russon, a former managing partner. These firms and Russon were previously found liable on four civil counts including aiding and abetting violation of California securities laws, negligence, and aiding and abetting deceit and financial elder abuse.
According to the report, Ramirez is the first of 98 DLG investors who are proceeding with cases against the defendants.