Finally, it is stated that the insurers have failed to provide the complete binder for each policy at issue even after closing.
The overall complaint suggests multiple alleged violations and concerns related to the sales process, misrepresentations, negligence, and failure to provide necessary information and documentation.
MassMutual Response
According to MassMutual the financing arrangements were proposed and organized by independent insurance producers.
The Trust made an agreement with JP Morgan, a lender, to finance the premiums for the policies. MassMutual, the insurance company, is not involved in this financing agreement.
Mass Mutual claims there are no specific facts that implicate the company. And that the dispute focuses more on exchanges between a third party and the insurance producers regarding the financing arrangement.
It points out that the trustee of the Trust signed forms acknowledging that MassMutual is not responsible for the financing arrangement and will only provide an illustration of how it would affect the Policy values. MassMutual was not supposed to handle the administration of the financing, such as interest payments or collateral.
