Pruco Prevails Over Wells Fargo In Insurance Fraud Suit

Law360, New York (November 14, 2011, 4:18 PM EST) -- A Florida federal judge on Monday awarded summary judgment to Pruco Life Insurance Co. in its lawsuit against Wells Fargo Bank NA claiming the bank bought an invalid $10 million life insurance policy that a broker agency fraudulently obtained to resell on the secondary market.

Wells Fargo had argued that the policy was valid because an insurable interest existed at the time of its issuance, and also that Pruco ignored early indications of fraud surrounding the policy but waited for an extensive amount of time to...
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