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Hartford Units Put Up $55M To Settle SEC Charges

Law360 (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...
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