Prudential Employees Seek $6.5B In Arbitration Suit

Law360, New York (February 28, 2008, 12:00 AM EST) -- Prudential Financial Inc. has been sued by a group of current and former employees for $6.5 billion in damages, alleging fraud and breach of contract claims, the company revealed Wednesday.

In its annual report to the U.S. Securities and Exchange Commission, Prudential disclosed the multibillion dollar damages demand filed in New Jersey state court in January, the latest chapter in a long-running legal dispute that began in 2002.

The employees claim that an arbitration agreement between Prudential Insurance, over 350 current and former employees, and Leeds...
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