Companies on the move transform a township

Article Abstract:

Mount Laurel Township, New Jersey issued 3216 single-family housing permits between 1990 and 1997, making it the fastest-growing municipality in Burlington County, which is the 3rd-fastest growing municipality in New Jersey. Such companies as Okidata, Cendant Mortgage, Roosevelt Paper, Tyco Toys, and Bluestone Software draw new residents to the town and commuters from Philadelphia, Princeton, Wilmington, and the regional suburbs. Cendant alone employs 3800, mostly in Mount Laurel itself, and is hiring at the rate of close to 200 employees per month. Plans for 14 new hotels, with potential total of 1000 rooms, have been presented to the township.

Comment:

Mount Laurel Township, New Jersey issued 3216 single-family housing permits between 1990 and 1997, making it the fastest-growing municipality in Burlington County, which is the 3rd-fastest growing municipality in New Jersey.

Administration of Housing Programs, Urban Planning, and Development, Housing & Community Develop-Local, Community development

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Appeals court upholds Prudential settlement

Article Abstract:

Prudential Life Insurance Co. will settle a nationwide class action lawsuit from its policyholders alleging deceptive sales practices. The settlement has several advantages offered to the plaintiffs such as full compensation for their injuries, no obligation to pay attorney's fees and a relatively speedy resolution of their claims following its approval by a three-judge panel of the US Court of Appeals for the Third Circuit. Prudential could pay over $410 million to the affected policyholders varying according to each policyholder. The court deemed the settlement fair, reasonable and adequate.

Comment:

Will settle a nationwide class action lawsuit alleging deceptive sales practices by its policyholders

Prudential Insurance Company of America, Article

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Pa. OKs insurer as stock company

Article Abstract:

Provident Mutual Life Insurance Company of Philadelphia (Berwyn, PA) has obtained approval from the Pennsylvania Insurance Department for its plan to demutualize. If Provident's plan gains approval from its 300,000 policyholders in 1999, it will transfer $374 mil of Provident's retained earnings to the balance sheet of 2 new entities, Provfirst Mutual Holding Co and a subsidiary, Provfirst America Life Insurance Co. The subsidiary will then seek state approval to issue stock to raise capital, with the holding company retaining 50.1% of shares.

Comment:

Provident Mutual Life Insurance Company of Philadelphia (Berwyn, PA) gains PA regulatory approval to demutualize

Strategy & planning, Pennsylvania, Abstract, Provident Mutual Life Insurance Company of Philadelphia, Provfirst Mutual Holding Co., Provfirst America Life Insurance Co.

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