This week, Prudential Financial Inc. (PRU) announced that is no longer distributing certain term life insurance policies, including its My Term product, through Wells Fargo\u2019s (WFC) retail bank. The decision comes after Prudential employees filed a complaint claiming they were let go because they reported certain sales practices related to insurance policies. The insurer says it intends to probe the \u201cfull extent of abuses\u201d that may have resulted from the Wells Fargo-related transactions. Prudential sold about 15,000 My Term accounts through the bank.<\/p>\n
The employee lawsuit is Julie Han Broderick et al v. The Prudential Insurance Co. of America et al.<\/em> The three plaintiffs, which include Han Broderick, Thomas Schreck, and Darron Smith, are seeking unspecified damages for wrongful termination. Prudential, however, claims that the reasons they were let go have nothing to do with its business with Wells Fargo but, rather, were related to an ethics complaint.<\/p>\n According to the NY Times<\/em>, the ex-employees filed their complaint against Prudential and a regulatory officer, contending the following:<\/p>\n