Retired Cops Lose Bid For Share In $13M Prudential Windfall

Law360, New York (June 8, 2012, 6:19 PM EDT) -- A New Jersey appeals court on Friday ruled that retired Port Authority of New York and New Jersey police who filed a class action against their unions aren't entitled to share in the $13.3 million the authority received when its insurer Prudential Insurance Co. of America went public.

The court found that the retirees, despite paying premiums to Prudential, had no right to the funds policyholders received from the equity payment when Prudential demutualized. Nor did the four unions representing them have an obligation to see...
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