A New Jersey federal judge has dismissed a shareholder lawsuit against Prudential Financial Inc over its alleged failure to boost the reserves it held for future life insurance policy claims, saying the investors had failed to allege a false statement.
U.S. District Judge Stanley Chesler wrote on Tuesday that the shareholders made “leaps” to assert that an unexpected number of deaths affecting one group of policies in 2018 meant that Prudential misled investors the following year as to the adequacy of its future reserves. The judge denied investors permission to amend the claim.
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