Litigation
Jan. 18, 2012
State controller reaches death benefits settlement
Prudential Insurance Company of America agreed Friday to a settlement that could cost it more than $200 million for having not paid death benefits.
By Don J. DeBenedictis
Daily Journal Staff Writer
SANTA ANA - Prudential Insurance Company of America agreed Friday to a settlement that could cost it more than $200 million for having not paid death benefits on life insurance policies even years after policyholders died.
The settlement is the second obtained by state Controller John Chiang from a major insurer. In April, John Hancock Life Insurance Co. agreed to restore at least 6,400 policies worth more than $20 mi...
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