MassMutual Faces New Subpoena
Massachusetts Mutual Life Insurance Company is facing several state investigations in the aftermath of its abrupt firing of its chief executive officer.[@@]
The office of Massachusetts Secretary of State William Galvin confirmed Thursday that it sent a subpoena, or official request for information, to MassMutual after MassMutual refused to hand over requested documents.
Massachusetts Attorney General Tom Reilly says he is investigating ousted MassMutual Chief Executive Officer Robert O’Connell in connection with “serious allegations of wrongdoing.”
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In a prepared statement, Reilly says he was contacted by representatives of MassMutual, Springfield, Mass., last week. “We conducted a preliminary review of documents they provided and met yesterday with representatives of the company,” Reilly says.
Galvin spokesman Brian McNiff says his department’s investigation concerns civil matters, particularly in the area of securities regulation.
O’Connell was dismissed June 2 by the MassMutual board after serving 7 years as chief executive of the company.