PRUDENTIAL TO PAY MILLIONS IN CHURNING SCHEME.Byline: David Wilkison Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Prudential Insurance Co. has agreed to pay a record fine of more than $20 million and repay policyholders millions more to settle allegations it ``churned'' customers' accounts, a regulator regulator, n the mechanical part of a gas delivery system that controls gas pressure that allows a manageable flow of drug vapor to escape. regulator see reducing valve. said Friday. John Calagna, spokesman for 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 Department of Insurance, refused to say how much the nation's largest life insurer would be fined but said it would be more than the record $20 million Metropolitan Life Insurance Co. paid two years ago to settle allegations of deceptive de·cep·tive adj. Deceptive or tending to deceive. de·cep  tive·ness n. practices.
For a year, a task force of regulators from 30 states has investigated allegations that agents from the Newark-based company persuaded customers to use the built-up cash value of older life insurance policies to finance new, more expensive ones. Regulators contend the agents took advantage of thousands of customers who were ill-informed or deceived about the cost of the transaction and the extent to which it harms the older policy. Calagna also refused to discuss specifics of what he called the ``huge restitution In the context of Criminal Law, state programs under which an offender is required, as a condition of his or her sentence, to repay money or donate services to the victim or society; with respect to maritime law, the restoration of articles lost by jettison, done when the plan.'' |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion