Prudential, Investors Near Settlement In Securities Suit

Law360, New York (June 1, 2011, 6:16 PM EDT) -- Investors on Wednesday took steps toward settling a New Jersey class action against insurance giant Prudential Financial Inc. over alleged disclosure problems with a $920 million offering of Prudential notes.

Investors in March 2009 sued Prudential and several underwriters, including UBS Securities LLC and Citigroup Global Markets Inc., claiming that in documents related to a 2008 stock offering, they omitted key details about Prudential's problems with exposure to subprime mortgages.

U.S. District Judge Jose L. Linares approved a request from both sides that he freeze the...
To view the full article, register now.