Wells Fargo Can't Dodge Pruco Insurance Suit

Law360, New York (January 10, 2011, 3:08 PM EST) -- Wells Fargo Bank NA has lost its bid to dismiss a lawsuit claiming the bank bought an invalid $10 million life insurance policy, which a broker agency had fraudulently obtained to resell on the secondary market.

In an order issued Friday in the U.S. District Court for the Southern District of Florida, Judge James I. Cohn rejected Wells Fargo's argument that the policy was valid because an insurable interest existed at the time of its issuance, saying plaintiff Pruco Life Insurance Co. had sufficiently alleged that...
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