Hartford Units Put Up $55M To Settle SEC Charges

Law360, New York (November 8, 2006, 12:00 AM EST) -- Three subsidiaries of Hartford Financial Services Group Inc. have resolved allegations of directed brokerage practices by agreeing to shell out $55 million.

The units of the fourth-biggest U.S. insurer by assets allegedly did not disclose using fund assets to foot the bill for marketing and distributing Hartford mutual funds and annuities, according to the U.S. Securities and Exchange Commission on Wednesday.

The SEC claimed that the units improperly benefited by using the directed brokerage to lower their revenue sharing obligations to broker-dealers without making a disclosure...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.