Board’s Bad Work Caused $400M Hartford Loss, Investor Says

Law360, New York (April 2, 2013, 6:28 PM EDT) -- A shareholder with Hartford Financial Services Group Inc. hit the insurer’s board of directors with a derivative suit Tuesday, claiming their poor management after the sale of Hartford’s life insurance business caused a surprise loss of nearly $400 million.

Hartford had originally said the $615 million September deal for Prudential Financial Inc. to take over its individual life insurance business would generate neither a loss nor a gain, according to a lawsuit filed in the Connecticut federal court by Hartford shareholder Albert L. Hartman III....
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