They are basically claiming that they didn’t know that the Prudential bank account would be handled just like all other bank accounts, where the “bank” makes money on their money. You are suing the wrong entity if you are just plain stupid – try your parents or your school system.
How do you think insurance companies and banks make their money? Both are financial institutions and are out to make money, just like us all. If they did not invest the money, then they would not have the money to pay out. It can’t all come from premium dollars or deposits. Duh!!!
Any one who been selling anuities for any period knows that it not a matter of if you’re sued but when you’re sued on similar charges such as these. Considering the market adjustments for credit default swaps,the downfall of equity markets in general and the unemployment toll on the stock market they should feel fortunate they earned 1 to 1.5% on their insurance proceeds and didn’t lose their principal.
Seems like the Pru has a pretty well documentd pattern of every 10-15 years they get caught with their greedy little hands in someone else’s pockets. Will be an interesting case to follow.
Let’s see now. The deceased gave his life for his country and the best his grieving parents can do is ***** about a few hundred extra dollars they’re going to get from an insurance policy? How pathetic.
I’d say the real crooks here are the lawyers preying on the parents’ naivete. It’s obviously an emotional time in the parents’ lives, and some scumbag lawyer convinces them that suing will give them a little more peace of mind over the loss of their hero sons and daughters.
What sort of populist nonsense is this? “Unjust profits”? If you don’t like the interest rate, move your money somewhere else.
I do not like Pru, but really can’t see that they did anything wrong here. I second what the guy below said–sue your parents for your stupidity, haha.
They are basically claiming that they didn’t know that the Prudential bank account would be handled just like all other bank accounts, where the “bank” makes money on their money. You are suing the wrong entity if you are just plain stupid – try your parents or your school system.
How do you think insurance companies and banks make their money? Both are financial institutions and are out to make money, just like us all. If they did not invest the money, then they would not have the money to pay out. It can’t all come from premium dollars or deposits. Duh!!!
Any one who been selling anuities for any period knows that it not a matter of if you’re sued but when you’re sued on similar charges such as these. Considering the market adjustments for credit default swaps,the downfall of equity markets in general and the unemployment toll on the stock market they should feel fortunate they earned 1 to 1.5% on their insurance proceeds and didn’t lose their principal.
I wish my checking account were earning 1.5%!
Seems like the Pru has a pretty well documentd pattern of every 10-15 years they get caught with their greedy little hands in someone else’s pockets. Will be an interesting case to follow.
I don’t know the details but it sounds like the families should take the money ASAP and invest it themselves and then maybe they can beat the 1.5%.
how hard is it to write a check and deposit it in your own non interest bearing checking account?
Let’s see now. The deceased gave his life for his country and the best his grieving parents can do is ***** about a few hundred extra dollars they’re going to get from an insurance policy? How pathetic.
I’d say the real crooks here are the lawyers preying on the parents’ naivete. It’s obviously an emotional time in the parents’ lives, and some scumbag lawyer convinces them that suing will give them a little more peace of mind over the loss of their hero sons and daughters.