Prudential Financial Inc.

The U.S. Department of Justice, the U.S. Securities and Exchange Commission and the attorneys general of Massachusetts and New York were investigating the life insurer regarding improper mutual fund trading. The case charged former Prudential employees with making millions of dollars by rapid trading of mutual funds and claimed Prudential allowed hedge funds to loot mutual funds by facilitating rapid trading, also known as market timing, and allowed illegal late trading of mutual funds. Prudential Financial has agreed to pay a $600 million settlement. (Aug-28-06) [BLOOMBERG]

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