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CITY OF WARREN POLICE & FIRE v. PRUDENTIAL FIN.

No. 21-1147.

70 F.4th 668 (2023)

CITY OF WARREN POLICE AND FIRE RETIREMENT SYSTEM, Individually and on behalf of all others similarly situated, Appellant v. PRUDENTIAL FINANCIAL, INC.; Charles F. Lowrey; Kenneth Y. Tanji; Robert M. Falzon.

United States Court of Appeals, Third Circuit.

Filed: June 13, 2023.

Attorney(s) appearing for the Case

Joseph D. Daley , Robbins Geller Rudman & Dowd, 655 West Broadway, Suite 1900, San Diego, CA 92101, Peter S. Pearlman , Cohn Lifland Pearlman Herrmann & Knopf, Park 80 West, Plaza One, 250 Pehle Avenue, Suite 401, Saddle Brook, NJ 07663, Daniel J. Pfefferbaum [Argued], Shawn A. Williams , Robbins Geller Rudman & Dowd, One Montgomery Street, Suite 1800, San Francisco, CA 94104, Douglas Wilens , Robbins Geller Rudman & Dowd, 225 North East Mizner Boulevard, Suite 720, Boca Raton, FL 33432, Counsel for City of Warren Police and Fire Retirement System.

David D. Cramer , Tricia B. O'Reilly , Walsh Pizzi O'Reilly & Falanga, Three Gateway Center, 100 Mulberry Street, 15th Floor, Newark, NJ 07102, Maeve L. O'Connor [Argued], Susan R. Gittes , Aasiya F.M. Glover , Debevoise & Plimpton, 66 Hudson Boulevard, New York, NY 10001, Counsel for Prudential Financial, Inc.; Charles F. Lowrey; Kenneth Y. Tanji; and Robert M. Falzon.

Before: GREENAWAY, JR., KRAUSE, and PHIPPS, Circuit Judges.

OPINION OF THE COURT

Insurance companies typically set aside funds, known as reserves, to pay for anticipated benefit claims by their policyholders. As an exercise of actuarial judgment, a wide range of considerations bear on the determination of the amount to hold in reserves. And because circumstances change, an...

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