Judge Drops Prudential Improper Investment Class Suit

Law360, New York (January 4, 2010, 1:44 PM EST) -- A federal judge has dismissed a putative class action that accused The Prudential Life Insurance Co. of America of improperly investing life insurance benefits without the knowledge of its account holders.

Judge Joseph Greenaway Jr. of the U.S. District Court for the District of New Jersey dismissed the case Tuesday, agreeing with Prudential that Kathryn Garcia had failed to state a claim upon which relief can be granted.

At issue in the case were Prudential's Alliance Accounts, which are opened on behalf of life insurance beneficiaries...
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