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Monday, March 8, 2004 | 11:16 a.m.
WASHINGTON -- MetLife Inc. said late Friday that the Securities and Exchange Commission has opened an investigation into potential improper trading of insurance contracts sold through the company's life insurance subsidiary.
MetLife, the New York insurance and financial services holding company, said in its annual report that the SEC investigation is focusing on market-timing and late trading of a "limited number" of privately placed variable insurance contracts.
MetLife reiterated that it is "fully cooperating" with the investigation.
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