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Prudential Faces Investor Suit Over Subprime Losses

Law360 (March 17, 2009, 12:00 AM EDT) -- Insurance giant Prudential Financial Inc., along with several of its executives, has been hit with a proposed class action alleging that it misled purchasers of notes about its exposure to subprime mortgages, causing the investors to suffer huge losses.

The lawsuit, filed Thursday in the U.S. District Court for the District of New Jersey, also targets the underwriters of the note offering — Citigroup Global Markets Inc., Merrill Lynch & Co., Morgan Stanley & Co. Inc., Wachovia Capital Markets LLC, Banc of America Securities LLC, RBC...
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