Pru Faces Higher Fla. Plaintiff Demands In Interest-Sensitive Suit.(Prudential Insurance Company of America)(Brief Article)

National Underwriter Life & Health-Financial Services Edition, May, 2001 by Bell, Allison

Thirty Florida residents say they will fund a new charitable foundation with 90% of any punitive damages over $2 billion that they win from Prudential Insurance Company of America.

The customers, who are suing the Newark, N.J., insurer over losses on interest-sensitive life insurance policies, held a press conference here last week to announce the birth of the foundation, and emphasize that they believe they can win at least $5 billion and possibly as much as $18 billion from Florida juries.

The charitable foundation would help Prudential customers who are not parties to the case to promote business ethics and support a variety of other causes, such as fighting disease and housing the homeless, according to Jack Scarola, a West Palm Beach, Fla., lawyer...

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