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Prudential Settles Insurance Probe For $19M

Law360 (December 12, 2006, 12:00 AM EST) -- The latest financial firm to surrender to New York Attorney General Eliot Spitzer’s sweeping crackdown on the insurance industry, Prudential Financial Inc. will shell out $19 million to settle a probe into its group insurance business.

The nation’s second-largest life insurer said in a statement on Tuesday that its subsidiary, the Prudential Insurance Company of America, will pay $2.5 million in penalties to the state of New York and $16.5 million to a fund to for certain group insurance policyholders, and to make changes to its...
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