Tort Reform Convinces MassMutual to Re-Enter Miss. Municipal Bond Market

The MassMutual Financial Group, a global diversified financial services organization, announced that Massachusetts Mutual Life Insurance Company and its affiliates would re-enter the market for Mississippi municipal bonds following the passage of tort reform legislation in the state.

“By enacting significant legal reform, Mississippi has signaled that it is once again open for business,” stated Lawrence Burkett, the company’s General Counsel. “This legislation has paved the way for possible MassMutual investments supporting Mississippi schools, roads and senior citizens.”

The bulletin noted: “On September 1, 2004 new civil justice legislation is expected to take effect in Mississippi, providing for ‘innocent seller’ protections, caps on non-economic and punitive damages, and reforms to the state’s venue laws. Currently, Mississippi’s legal system is ranked worst in the entire nation, according to a March 2004 Harris Interactive survey.”

The state’s Governor Haley Barbour indicated he was “thrilled” by MassMutual’s return, and cited it as proof that “our plan to strengthen the Mississippi legal system is creating the strong business climate Mississippi needs for continued job growth.”