California Insurance Commissioner Dave Jones announced an investigation Monday into the sale of Prudential insurance policies by Wells Fargo & Co., marking the first time the bank’s unauthorized accounts scandal has widened to include another institution.
The decision came the same day the Newark, N.J., insurer suspended the sale of policies through Wells Fargo branches as it reviews a lawsuit filed last week by a trio of former Prudential employees. The plaintiffs say they were fired for refusing to cover up evidence that Wells Fargo workers sold Prudential policies to customers who did not want them.
Jones said his investigation will focus on both the insurance company and the bank, which starting in 2014 had an agreement to allow bank customers to buy a small Prudential life policies called MyTerm. New Jersey’s insurance department is also probing the companies.
[LA TIMES]© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.