Keller Rohrback L.L.P. Investigates Prudential Financial, Inc. Regarding Retained Asset Accounts, Including Prudential’s Alliance Account

SEATTLE--(BUSINESS WIRE)-- Attorney Advertising. Keller Rohrback L.L.P. (www.krclassaction.com) announces that it is investigating Prudential Financial Inc. (NYSE: PRU) regarding retained asset accounts the company maintained on behalf of life insurance beneficiaries and traumatic injury survivors, including SGLI, VGLI, or TSGLI policies held by America’s service members and veterans. The investigation centers on claims that Prudential was improperly profiting through these accounts—dubbed “Prudential’s Alliance Account”—by issuing what look like checkbooks instead of promptly paying lump sums. Use of a Prudential Alliance Account delays the issuance of full benefits. In addition, these “checkbooks” draw on money held by Prudential in accounts that continue to earn interest for the company—money that belongs to the beneficiaries or the severely injured service members.

For service members who had SGLI, VGLI, or TSGLI policies, the investigation focuses on allegations that Prudential was not fulfilling its obligations to injured service members and survivors of fallen service members when it distributed retained asset account checkbooks instead of lump sum payments as required by law, notwithstanding a families’ or a service members’ request for a lump sum disbursement. Various reports suggest that Prudential may have engaged in illegal breaches of fiduciary duty and contract, or violated other laws, by delaying direct payment of death and traumatic injury benefits to beneficiaries and by failing to inform beneficiaries, and others, that the company was earning significantly more interest than what it was paying the beneficiaries or qualified service members. Additionally, account holders may not be fully informed regarding the terms of the retained asset accounts or that the funds held in the account are not insured by the FDIC.

If you are a beneficiary of a life insurance or traumatic injury insurance policy and your benefit is held in a retained asset account at Prudential, or another life insurance company, please contact paralegal Jennifer Tuato’o or attorneys Gretchen Obrist, Laura Gerber, Gary Gotto or Lynn Sarko at 800.776.6044 or via email at [email protected].

Keller Rohrback, with offices in Seattle, Phoenix, and New York, is one of America’s leading law firms handling ERISA litigation and related fiduciary breach claims. We are committed to helping individuals protect their savings and other benefits. Keller Rohrback has successfully provided class action representation for over a decade. Its litigators have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.

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