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Search the News Archive
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497 Matching News Items |
| 1. |
Pensions & Investments
Sept. 29, 2021
"The lawsuit, originally filed in November 2019, alleged that Prudential breached its fiduciary duties under ERISA by overpopulating the plan with proprietary mutual funds, failing to monitor the performance of those funds, and neglecting to adequately disclose the amount of record-keeping fees received by Prudential ... The plaintiff also accused Prudential of engaging in prohibited transactions[.]" [Cho v. The Prudential Ins. Co. of America, No. 19-19886 (D.N.J. Sep. 27, 2021)]
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| 2. |
Pensions & Investments
Aug. 30, 2017
"The complaint said Morningstar and Prudential violated the Racketeer Influenced and Corrupt Organization [RICO] Act by engaging in a 'conspiracy' to increase revenue and profits 'from their self-interested administration' of GoalMaker, an 'automated investment advice program' from Morningstar and Prudential. Alleging GoalMaker is a 'predatory racketeering enterprise,' the lawsuit argued that it 'gets retirement plan investors to turn over the investment management of their accounts' to a unit of Prudential." [Green v. Morningstar, Inc., No. 17-5652 (N.D. Ill., complaint filed Aug. 3, 2017)]
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| 3. |
The Prudential Insurance Company of America
Mar. 25, 2011
Prudential has developed the 'Four Pillars of U.S. Retirement' as a framework to discuss how Americans will prepare for and live in retirement. The Four Pillars have their origin in the traditional 'three-legged stool' of retirement security: Social Security, Employment-Based Retirement Plans, and Personal Savings. To this, Prudential has added a fourth Pillar, Retirement Choices, to capture lifestyle and financialconsiderations for today's and tomorrow's retirees.
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| 4. |
The Wood Law Firm, PLLC
June 23, 2008
Excerpt: Language commonly used by Prudential in its disability policies is no stranger to dispute. The language says that a claimant is entitled to benefits 'when Prudential determines' that he or she is eligible. Prudential asserts that this language meets the Firestone test for vesting discretionary authority.
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| 5. |
Prudential's Plan to Demutualize May Have Fiduciary Impact on Benefit Plans and their Sponsors (PDF)
Proskauer Rose LLP
June 14, 2001
Excerpt: The impending conversion of Prudential Insurance Company of America from a mutual company to a publicly traded corporation raises important considerations for employee benefit plans and plan sponsors. Pursuant to Prudential's plan of demutualization, certain eligible policyholders will receive compensation in the form of shares of Prudential stock, cash or policy credits (i.e., enhancements to policy value).
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| 6. |
Treasury & Risk; registration may be required
Jan. 8, 2025
"[I]nsurance company Prudential, which is managing the pensions, is not named as a defendant in the Verizon lawsuit. Plaintiffs are suing Verizon and State Street Global Advisors, which served as 'the independent fiduciary' in putting the deal together, according to the suit." [Dempsey v. Verizon Comm. Inc., No. 24-10004 (S.D.N.Y. complaint filed Dec. 30, 2024)]
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| 7. |
ThinkAdvisor
Apr. 20, 2023
"DOL officials say Prudential denied about 200 group life claims based on lack of evidence of insurability from 2017 through 2020. The company has agreed to limit evidence-of-insurability challenges to claims involving insureds who died within three months of starting to pay premiums. Officials say they would like to see all group life issuers limit challenges based on questions about evidence of insurability."
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| 8. |
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]
Apr. 19, 2023
"The [DOL] announced a settlement with the Prudential Insurance Company of America ... that will require the financial giant to revise its practices after a federal investigation found the ... company collected life insurance premiums from participants for extended periods, but then denied numerous claims after the participants died, citing the participants' failure to provide evidence of insurability when they applied for insurance."
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| 9. |
planadviser; registration may be required
Nov. 7, 2019
"Plaintiffs challenge the use of proprietary products in Prudential's defined contribution retirement plans, an arrangement they say impermissibly benefitted the company at the expense of plan performance." [Cho v. The Prudential Ins. Co. of America, No. 19-19886 (D.N.J. complaint filed Nov. 5, 2019)]
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| 10. |
Bloomberg BNA
Mar. 19, 2018
"The lawsuit seeks to represent up to 5 million investors in 'hundreds' of retirement plans that used the GoalMaker robo-adviser designed by Morningstar and offered by Prudential. The investor who filed suit says the defendants tweaked GoalMaker to intentionally steer people toward higher-cost funds that earned extra fees and kickbacks for Prudential."
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