Insurer Violated Plan Terms By Creating Retained Asset Accounts, Federal Judge Says

(December 29, 2017, 11:58 AM EST) -- PHILADELPHIA — A Pennsylvania federal judge on Dec. 6 determined that the beneficiaries of employer-sponsored Prudential Insurance Company of America life insurance policies are entitled to summary judgment on their breach of fiduciary claim because Prudential ignored its obligations under the plan by creating retained asset accounts in lieu of making one payment to the beneficiaries and in doing so, generated a profit for itself rather than for the beneficiaries (Clark R. Huffman, et al. v. The Prudential Insurance Company of America, No. 2:10-cv-05135, E.D. Pa., 2017 U.S. Dist. LEXIS 201440)....

Attached Documents

Related Sections