We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Prudential Sues Legal Plan Provider Over Loan Audits

Law360, New York (October 10, 2017, 8:46 PM EDT) -- Prudential Insurance hit Pennsylvania-based legal plan provider The Legal Coverage Group and its chief executive on Friday with a $33.8 million lawsuit in New York claiming the company has repeatedly defaulted on the terms of a $40 million financing deal and dodged calls for audited financial statements.

The insurance giant also accuses LCG CEO Gary Frank of conversion and unjust enrichment when he paid himself at least $6.5 million from money Prudential began loaning the company in 2014, above an agreed-to limit of $5 million.

LCG’s bank...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.