$250M Award Against Prudential Slashed On Appeal

Law360, New York (July 14, 2006, 12:00 AM EDT) -- An Ohio appeals court slashed a landmark $250 million punitive damages award to under $7 million, dealing Prudential Securities Inc. a victory in a case that centered on a Prudential employee reallocating retirees' investments without their consent.

The decision rendered by Ohio’s Third District Court of Appeals can be appealed to the state’s Supreme Court. Thomas A. Hargett, one of the attorneys who represented the plaintiffs in this case, said that the possibility of an appeal was still being mulled over.

“We are disappointed,” Hargett said...
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