New York AG Subpoenas Pru, MetLife in Military Probe

New York’s attorney general said on Thursday he had subpoenaed MetLife and Prudential as part of a “major” investigation into whether life insurers defrauded grieving military families out of hundreds of millions of dollars. AG Andrew Cuomo said it appeared that rather than pay out automatic lump sums upon the deaths of policyholders, the insurers would put payouts in “retained-asset” accounts in which the interest generated mostly benefited the insurers rather than the families. – Reuters

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