Wells Fargo Claim Survives In $10M Policy Sale Suit

Law360, New York (July 7, 2011, 7:22 PM EDT) -- A Florida federal judge on Thursday rejected Pruco Life Insurance Co.’s request to toss a Wells Fargo Bank NA counterclaim for negligent misrepresentation in a suit alleging the bank was a middleman in a scheme to sell an invalid $10 million life insurance policy.

U.S. District Judge James Cohn ruled that Wells Fargo had adequately pled negligent misrepresentation against Pruco, saying the counterclaim wasn’t too ambiguous to proceed or otherwise barred.

Pruco alleges Steven Brasner and Mark Tarshisa, both life insurance producers at Infinity Financial Group...
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