Prudential Overcomes Federal Appeal in Annuity Design Case
July 25, 2023 by Allison Bell
Afederal court of appeals has ruled in favor of Prudential Financial in a case involving a dispute about the creation of a new variable annuity rider.
A three-judge panel at the 6th U.S. Circuit of Appeals upheld a lower-court ruling and found that Prudential did not engage in trade secrets misappropriation in 2017 when it introduced an annuity rider similar to a rider proposed by Novus Group.
Click HERE to read the full story via ThinkAdvisor
Wink’s Moore on the Market: So, I know at least one of the employees that is at the heart of this lawsuit.
I want to make certain I get this right.
The aforementioned employee(s) was employed by Nationwide.
He was present during a product/rider pitch by a firm called Novus. Novus made the mistake of not asking Nationwide to sign an NDA before pitching their idea.
The employee then left to go work for Prudential Financial. While there, he helped launch a rider that was similar to aforementioned product/rider presented in the pitch by Novus.
Novus then tried to see Prudential.
Novus lost.
You can read all about it, here, thanks to Allison Bell at ThinkAdvisor. -sjm
