The term "participating policyholder" is used in the class certification decision to refer to those persons who qualify as class members.

The definition of the class is:

All persons who were participating Metropolitan Life Insurance Co. (“MetLife Co.”) policyholders on or about September 28, 1999, for whom MetLife Co. calculated a positive actuarial equity share (“participating policyholder”) and whose rights as policyholders were exchanged for shares of stock in MetLife Co., pursuant to defendants’ plan of demutualization (“Demutualization Plan” or “Plan”) excluding defendants, their officers, directors, subsidiaries and affiliates (the Class”).

It is not unusual for a court to have to rely on the defendant's records to determine who was defrauded and is therefore included in the class. We think relying on MetLife' calculations in this case is unwise for two reasons.

1. MetLife is a defendant in a separate class action law suit, for which a class has also been certified, alleging that MetLife diverted policyholder surplus in a way that calls into question whether some MetLife policyholders will be improperly "calculated out" of the class as defined above. The plaintiffs’ law firm in that suit is the same law firm representing class members in the demutualization class action.

2. All policyholders who were members of the mutual association that was MetLife before demutualization were defrauded and suffered money damages whether or not MetLife calculated a “positive actuarial equity share” for their insurance policy. All policyholders who were members of the mutual association owned a MetLife insurance contract that entitled them to “insurance at cost”. If the closed block was under funded for some members of the mutual association, it was under funded for all the insurance contracts in the closed block.

What is the remedy for a policyholder who owned a whole life or other cash value life insurance policy at the time of the demutualization who was only allocated 10 MetLife shares? (Presumably, this means MetLife's calculated that their policy did not have a "positive actuarial equity share".) These policyholders should be but are not included in the Class. We believe that all members of the mutual association were defrauded and damaged by MetLife in its demutualization. Therefore, it is not necessary to rely on MetLife’s calculations. The Class should include all persons who were members of the mutual association at the time of the demutualization.