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Principal Financial Group Inc (via Public) / Principal Financial Group® Announces Results of Strategic Review (Form 8-K)
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The Latigo Group to Develop $82 Million Multifamily Community in Orlando with $10 Million of Equity Raised on CrowdStreet
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Small and medium-sized business optimism hits highest levels since 2019
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Judge Finds in Favor of Principal Life’s Process for Setting GIC Crediting Rate
Principal prevailed in a lawsuit that alleged it set the crediting rate for a guaranteed investment contract (GIC) such that it could “retain unreasonably large and/or excessive profits.”
Following a six-day trial, Judge John A. Jarvey of the U.S. District Court for the Southern District of Iowa ruled in favor of Principal Life Insurance Co. in a lawsuit alleging it violated the Employee Retirement Income Security Act (ERISA) by setting the crediting rate for a guaranteed investment contract (GIC) such that it could “retain unreasonably large and/or excessive profits.” A GIC is a stable value investment contract issued by an insurance company that usually pays a specified rate of return for a specific period of time, guaranteeing principal and accumulated interest.