A settlement has been reached in a class action lawsuit against Pruco Life Insurance Company, The Prudential Insurance Company of America, and Pruco Life Insurance Company of New Jersey (together, “Defendants” or “Prudential.”)
The class action lawsuit (the “Action”) alleges that Prudential requested payments from policy owners in excess of the amounts provided for under certain universal and variable universal life insurance contracts issued by Prudential when those policies entered default or lapsed.
Plaintiff claimed, among other things, that Prudential’s conduct constituted breach of contract and breach of the duty of good faith and fair dealing, and violated the California Unfair Competition Law, Bus. & Prof. Code §§17200 et seq. and similar laws of other United States jurisdictions.
Prudential denies all allegations of wrongdoing. The Court has not determined who is right. Rather, the Parties have agreed to settle the lawsuit to avoid the uncertainties and expenses associated with litigation.
Your Prudential policy is included in the Settlement if it is an individual universal life or variable universal life insurance policy for which Guaranteed Charges (i.e. the maximum allowed charges under the policy rather than the then Current Charges) were applicable to the calculation of the deficiency amount requested to cure a default and/or the reinstatement amount requested to reinstate a lapsed policy, and the policy entered into default or lapsed between July 18, 2013 and November 26, 2019 (the “Class Period”), or had a default cured or was reinstated on or after July 18, 2013 and remained in force on November 26, 2019.
This definition includes:
- Policies that lapsed for a final time during the Class Period and have not been reinstated to date where there is at least one living insured (the “Lapsed/Alive” Population);
- Policies that lapsed for a final time during the Class Period and were not reinstated where the insured(s) are deceased (the “Lapsed/Deceased” Population); and
- Policies that went into default or lapsed for which payment was made during the Class Period to cure the default or to reinstate after lapse where there is at least one living insured and the policy remains in force (the “Current Policyowner” Population).
You are included in the Settlement as a Policyowner if you are or were an owner (in whole or in part) of one or more Class Policies, unless you previously signed a settlement agreement with Prudential resolving a complaint or lawsuit that released Prudential from any claims relating to your policy. If all Policyowners and insureds on a Class Policy are deceased, and you were a designated beneficiary at the time of final lapse of that Class Policy, you are also included in the Settlement Class.
Those included in the Settlement Class may be eligible to receive the relief described in the Notice and on the FAQ page of this website. A copy of the Settlement Agreement, which defines all initial capitalized terms used in the Notice and on this website, is available here.
To the extent you (or any potential Claimant) communicate with any agent, financial professional, producer, advisor or representative regarding the Settlement, or seek or obtain advice about making a claim for reinstatement, those communications will be deemed to be exclusively on behalf of you (the Claimant), and not authorized, directed or made by, or on behalf of Prudential. No agent, financial professional or producers (including independent appointed agents and brokers and/or Prudential agents) are authorized by Prudential to act on the Company’s behalf with respect to the Settlement, including providing any advice regarding participation in the Settlement by you or any potential Claimant.