Prudential To Pay $16.5M To Settle Shareholder Suit

Law360, New York (August 8, 2011, 1:09 PM EDT) -- Prudential Financial Inc. investors won a New Jersey federal judge's preliminary approval Friday of a $16.5 million settlement in their class action accusing the insurance giant and several underwriters of disclosure problems regarding a $920 million offering of Prudential notes.

U.S. District Judge Jose L. Linares also preliminarily granted certification of a class consisting of holders of 9 percent junior subordinated notes of Prudential from June 2008 through March 2009. Paul J. Perry, trustee of the Paul J. Perry Revocable Trust, was appointed as lead plaintiff....
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