Prudential Financial Settles SEC Claims With No Fine

Law360, New York (August 6, 2008, 12:00 AM EDT) -- Prudential Financial Inc. has agreed to settle a lawsuit filed by the U.S. Securities and Exchange Commission alleging the financial services firm improperly reported more than $200 million in income related to reinsurance contracts.

The complaint, filed Wednesday in the U.S. District Court for the District of New Jersey, charged Prudential Financial with violating the financial reporting, books-and-records and internal control provisions of the Securities Exchange Act of 1934.

Without admitting or denying the commission's allegations, Newark, N.J.-based Prudential has agreed to settle the case by...
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