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Rating:Regulatory Backlash at MassMutual? Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, June 21, 2005

Regulatory Backlash at MassMutual?

by: Theresa Sim

First Eliot Spitzer gets sued, and now MassMutual is fighting a subpoena by mini-Sptizer William Galvin. Is the era of heavy-handed state regulators coming to an end? Not quite, but at least one regulator is feeling a bit thwarted. The Boston Globe reports that the insurer filed a motion in Hampden Superior Court in response to a subpoena by Galvin for documents related to the dismissal of ex-CEO Robert O'Connell.

MassMutual argued in documents filed with the court that Galvin does not have the jurisdiction in the case, and that his subpoena is ''unnecessary and duplicates the investigations initiated by the commissioner of insurance and the attorney general, both of whom have clear jurisdiction."

Thomas F. Reilly, Massachusetts attorney general, and Insurance Commissioner Julianne M. Bowler are also investigating the O'Connell case.

The Globe also reported that MassMutual attorneys wrote in the motion that Galvin has ''insisted that he be permitted to conduct his own investigation first and has refused to coordinate with the attorney general to eliminate the needless burden of duplicate investigations."

''That's not true," Galvin said to Globe reporter Chris Reidy. ''The attorney general and I are cooperating."  

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