Class Action Lawsuit against Prudential
I am from Minnesota and am trying to help my grandparents with their variable universal life policy. They were sold this policy and it was not suitable to them and they did not understand it. (they were 63 at the time and did not own any financial instruments)Prudential was involved in a class action lawsuit due to that fact and they lost. Unfortunately, my grandparents did not respond to the alternate dispute resolution in the time frame because they were not having to pay any premiums, as thye were promised. They are now being told that there is nothing Prudential will do as the case is settled. Is there anything that we can do to get them to give what my grandparents thought they bought, a lump sum of $12,000 was paid for a $50, 000 face value insurance coverage. The agent put theminto an equity based product they did not understand and it has lost its value. The policy will use up its cash value by november 2003 and be useless. Grandma needs the money to live on when grandpa passes.