3 STATES SETTLE WITH PRUDENTIAL.Byline: Joseph B. Treaster The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times Prudential Prudential is the name of two different companies and buildings named after them: Companies:
Prudential agreed to make the payment to Florida, Texas and Massachusetts to win their support for the $410 million settlement that will go before a federal judge for approval Monday. California is the only state still opposing the settlement. The deals were announced before formal contracts had been drawn up but state officials said they expected no substantive changes. In California, Dana Spurrier Spur´ri`er n. 1. One whose occupation is to make spurs. , a spokeswoman for the state insurance commissioner, said, ``We are obviously not satisfied with the settlement and that is why we continue to pursue this on our own.'' As part of the deal with the states, Prudential also agreed to a plan that will make it easier for policyholders to make claims against the company. Before reaching the agreement with the three states Thursday, Prudential, the country's largest insurer, had paid a fine of $35 million to more than 30 states whose regulators had found that agents of the company had persuaded customers to cash in old policies or accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. cash values to buy new, often more expensive policies - a practice known as churning Firing one group of employees and hiring another. As companies move into newer, high-tech ventures, they often eliminate employees with older skills while bringing on new people who have computer programming, networking and Web experience. . The main beneficiaries of such moves were not the clients, but the agents who earned new commissions and the company, which gained market share and revenues. Previously, Prudential had insisted that policyholders - many of whom were elderly and with no more than high school educations - would have to produce documents and other evidence to support claims of deceptions carried out over more than a decade ending 1995. Under Thursday's agreement, Prudential will provide company records to help policyholders establish claims for compensation, the state officials said. Massachusetts Attorney General The Massachusetts Attorney General is an executive officer of the Massachusetts Government. The current Attorney General is Martha Coakley. The Attorney General is the chief law enforcement officer and lawyer for Massachusetts. Scott Harshbarger Luther Scott Harshbarger (born December 1, 1941 in New Haven, Connecticut) is a lawyer and a Democratic politician from the U.S. state of Massachusetts. Harshbarger was first elected as District Attorney of Middlesex County, Massachusetts in 1982, defeating incumbent DA John and officials in Florida, Texas, California and Virginia argued that the original settlement placed a greater burden on the policyholders to prove wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do than on Prudential.
``This settlement makes it easier for consumers to prove their claims,'' Harshbarger said. On Feb. 14, Prudential agreed to pay Virginia $384,200 to drop its objections to the class-action settlement. |
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