MassMutual accused of holding dividends
Lawsuits say insurer kept millions from clients
Massachusetts Mutual Insurance Co. is fighting several lawsuits accusing the Springfield life insurer of shorting policyholders on dividends and preventing many of them from voting for directors. The suits, recently filed in US District Court in Boston, raise questions about the company’s obligations to customers under state law and the language in their policies. MassMutual is mutually owned by policyholders, giving customers the right to vote in annual meetings and receive portions of the company’s profits in the form of dividends.