Prudential Asset Account Service Is Lawful, 7th Circ. Says

Law360, New York (May 6, 2013, 6:01 PM EDT) -- The Seventh Circuit on Monday upheld the dismissal of a class action accusing The Prudential Insurance Co. of America of wrongfully pushing a service allowing it to collect investment returns from death benefit accounts established in lieu of lump sum payments.

A three-judge panel unanimously affirmed that Prudential and co-defendant Pruco Life Insurance Co. did not mislead Zena Phillips into selecting a retained asset account, in which an insurer creates an interest-bearing account, holds the funds in its own general investment pool and retains any difference...
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