Cuomo Hits Prudential, MetLife In Life Insurance Probe

Law360, New York (July 29, 2010, 4:25 PM EDT) -- As part of a new probe into the life insurance industry, New York Attorney General Andrew Cuomo has subpoenaed Prudential Financial Inc. and MetLife Inc. for purportedly defrauding military families and others of hundreds of millions of dollars in life insurance settlements.

Cuomo on Thursday said his office would investigate the industry practice of holding onto life insurance payouts in “retained-asset accounts,” rather than immediately releasing those funds to the families of deceased veterans and other federal employees.

According to Cuomo's office, the insurance companies appear...
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