Retained Asset Accounts Prudential Alliance Account

Archuleta Law Firm is seeking clients regarding insurance companies (Prudential, MetLife, and others) Retained Asset Accounts the companies maintained on behalf of life insurance beneficiaries and traumatic injury survivors, including SGLI, VGLI, or TSGLI policies held by America’s service members and veterans. The focus is on claims that insurance companies were improperly profiting through these accounts, called Retained Asset Accounts or Alliance Accounts by issuing what look like checkbooks instead of paying lump sums as was required.

The checkbooks were not really checks because they were not linked to a bank account nor were they federally insured. Instead the funds were kept in the corporate coffers and used to generate high interest returns for the insurance company that were not passed on to the beneficiaries. Use of a Retained Asset Account delays the issuance of full benefits to the families of fallen veterans and servicemembers and the disabled. In addition, these “checkbooks” drew on money held by insurance companies in accounts that continued to earn interest for the company, money that belongs to the beneficiaries or the severely injured service members.

For service members who had SGLI, VGLI, or TSGLI policies the allegations are that insurance companies were not fulfilling their obligations to injured service members and survivors of fallen service members when they distributed Retained Asset Account "checkbooks" instead of lump sum payments as required by law. Various reports suggest that the insurance companies may have engaged in illegal breaches of fiduciary duty and contract, or violated other laws, by delaying direct payment of death and traumatic injury benefits to beneficiaries and by failing to inform beneficiaries, and others, that the companies were earning significantly more interest than what they were paying the beneficiaries or disabled service members. Additionally, account holders may not have been fully informed regarding the terms of the Retained Asset Accounts or that the funds held in the account were not insured by the FDIC.

If you are a beneficiary of a life insurance or traumatic injury insurance policy and your benefit is held in a Retained Asset Account at Prudential, MetLife, or other life insurance company, please contact attorney Michael Archuleta at 512-266-7676 or on his cell at 512-413-7500. Mr. Archuleta may also be reached by email at marchuleta@govtclaim.com .

Contacts

Michael Archuleta

Archuleta Law Firm
marchuleta@govtclaim.com
www.govtclaim.com