Prudential Unit Ends Market Timing Probes For $68M

Law360, New York (April 17, 2009, 12:00 AM EDT) -- A Prudential Financial Inc. unit has agreed to shell out $68 million to resolve two investigations into market timing misconduct involving certain variable annuities, but the insurance firm said it had the right to be reimbursed for the payment based on an agreement made when Prudential acquired the unit from Skandia Insurance Co. Ltd.

AST Investment Services Inc. reached a deal with the U.S. Securities and Exchange Commission and the New York Attorney General’s Office to pay $34 million as a civil penalty and another $34...
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